Oil Tanker Market In Disarray As EU Ban On Russian Crude Nears

Six weeks before the EU embargo on Russian crude oil exports and the planned price cap on Russian oil enters into force, the global tanker and oil markets face increased uncertainty over who will ship Russia’s oil—and how—as of December 5. In September, Russia exported 7.5 million bpd of crude and refined products, according to estimates from the International Energy Agency (IEA). If those volumes are to continue flowing, Russia will have to either agree to sell its oil at or below the price cap as the G7 and the EU…