Asia Splurges On Record Oil Imports Ahead Of Sanctions On Russia

The biggest buyers in Asia imported a record volume of oil in November as the world’s major importers rushed to stock up on cheaper crude ahead of the EU embargo and the price cap on Russian oil in effect from December 5. Lower benchmark prices and the push to secure oil supplies before the sanctions against Russia create additional uncertainties in terms of marine transportation services and, possibly, a shortage of tankers. To get under the wire of these tough market conditions, China, India, Japan, and South Korea imported high crude volumes…