Recent shipping data shows that the amount of crude oil carried by sea on tankers reached a peak not seen since 2020, totaling around 1.27 billion barrels in a single week. This marks an increase of roughly 230 million barrels compared with the same period last August. The figures come from analytics firm Vortexa Ltd. and were reported through Bloomberg’s coverage.
The surge in at-sea oil, including crates of crude that are either en route to a destination or simply idling offshore, highlights a persistent pattern: large volumes of Russian crude are being redirected to new buyers across distant markets. Analysts note that the weekly total climbed to 1.27 billion barrels, illustrating a steady build in shipments. The rise of nearly a quarter of a billion barrels since August underscores how the logistics of global oil trade have shifted in response to strategic needs and market opportunities.
Experts point to Russia’s strategy of diverting substantial raw material tonnages toward Asian economies, notably India and China, as a primary driver of this movement. At the same time, European Union countries are reassessing their supply chains in light of a pronounced decrease in energy imports from Russia. This transition is reshaping regional energy security debates and prompting new sourcing decisions to stabilize supply and prices in a tightening market.
Meanwhile, market observers have noted that the price dynamics around Russia’s Urals crude, one of the country’s flagship brands, are approaching what many observers consider a ceiling level around $60 per barrel. The current pricing for Urals cargoes loaded from the Baltic Primorsk port and the Black Sea Novorossiysk port sits near $55 per barrel, situating the brand within a contested price range as buyers negotiate terms amid evolving sanctions and supply expectations. These price signals feed into broader discussions about how sanctions regimes, currency movements, and refinery demand will shape futures and spot markets in the months ahead. (Bloomberg) (Argus Media)