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A Billion Barrels Adrift: Sanctioned Oil Piles Up at Sea—and Russia Is the Reason
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![Photo of Vlad Litnarovych]( "Photo of Vlad Litnarovych")
Global oil tankers are now holding close to 1 billion barrels of crude, a record buildup driven largely by supplies from sanctioned producers, Bloomberg reported on November 12.
Since late August, floating oil volumes have surged by about 40%, and analysts say nearly all of that increase comes from Russia, Iran, Venezuela, or crude listed with no clear origin.
A billion barrels of oil are floating on the oceans, with up to 40% from sanctioned nations. This signals supply disruption & difficulty discharging, threatening sanctioned revenue. USOIL bullishly retested 61.20; a close above targets 62.40, #USOIL #OIL pic.twitter.com/A0R35hHuus
— Exness (@EXNESS) November 12, 2025
Experts quoted by Bloomberg say Russian oil is the main driver behind the spike. How traders ultimately unload those barrels is expected to shape global price movements over the coming months.
The massive glut at sea is creating financial pressure for sanctioned states and adding volatility to a global market already tilting toward oversupply. Shipping costs have also skyrocketed, with some tankers now costing more than $100,000 per day to operate.
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According to Bloomberg calculations, Russia’s oil tax revenues fell more than 24% year-over-year in October, even as the Kremlin forecasts rising energy export income in its 2025–2027 budget.
Saudi Arabia and the United States have also contributed to the growing volume of oil stored offshore, while India and China have recently scaled back purchases of Russian crude, excluding it from upcoming tenders.
Bloomberg notes that stricter Western sanctions—including recent measures targeting Rosneft and Lukoil—have left some Russian cargoes stuck at sea, unable to find buyers willing to unload them. India’s refineries have already turned away certain shipments, and China is signaling it may follow.
Analysts warn that the fate of these stranded barrels, sanctioned or not, will heavily influence oil prices heading into winter.
Earlier, Russia began selling its crude oil at the steepest discounts in years after US sanctions on energy giants Rosneft and Lukoil triggered a sharp market drop.
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