Bloomberg: Russian oil tankers pile up at sea off India, China coasts

A growing number of tankers carrying Russian crude oil are stranded at sea, particularly off the coasts of India and China, highlighting mounting delivery challenges even as Russia’s oil exports reach their highest level in more than two and a half years.

At least 20 tankers loaded with Russian crude are currently awaiting permission to dock at ports in Asia, while other vessels have taken months to discharge their cargoes. As a result, the volume of Russian oil being held on tankers has jumped by about 48% since the end of August, according to shipping data, Caliber.Az reports via Bloomberg. 

The backlog has built up despite a surge in exports. Over the four weeks to December 21, Russia shipped an estimated 3.87 million barrels per day of crude oil, around 200,000 barrels per day more than in the previous four-week period ending December 14.

Four-week average flows over the same period reached their highest level since May 2023, supported by the resumption of weekly shipments from the Baltic port of Primorsk.

The increase in export volumes has been partly driven by lower domestic refinery throughput, which has freed up additional crude for overseas sales. Refinery runs remain below seasonal averages following Ukrainian drone attacks on energy infrastructure, including damage to the Yaroslavl refinery near Moscow, one of Russia’s largest fuel-producing plants with a daily capacity of about 300,000 barrels.

The accumulation of Russian crude at sea comes as the United States steps up enforcement against tankers linked to sanctioned oil shipments, particularly those connected to Venezuela. US President Donald Trump has accused some vessels of transporting sanctioned crude, prompting concerns among shippers and buyers of Russian oil that their cargoes could face delays or additional scrutiny.

By Sabina Mammadli