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Russia Struggles to Offload Oil as Indian Imports Drop to Three-Year Low
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Russia is encountering logistical challenges in its oil exports after a notable drop in purchases from India, according to a report by Bloomberg on January 27.
A growing number of tankers carrying Russian crude are now idling offshore, with nearly 140 million barrels currently stored at sea.
In recent weeks, the volume of idle tankers has increased near the Indian coastline and off the coast of Oman. While the number of vessels off Oman is gradually decreasing, many of those ships have shifted closer to India’s shores or are heading toward China. Only one tanker has managed to offload its cargo in the meantime.
The situation follows a decline in Russian crude oil deliveries to India. In December, imports fell sharply to approximately 1.2 million barrels per day—the lowest level in nearly three years. So far in January, the figure has declined further, averaging around 1.12 million barrels per day over the first 25 days.
This downturn coincides with the European Union’s recent ban on imports of petroleum products derived from Russian crude, which came into effect on January 21.
Earlier, it was reported that fourteen European countries said they were tightening maritime safety and enforcement measures in the Baltic Sea and the North Sea and warned that certain shadow fleet tankers could be treated as vessels without nationality.
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