🇷🇺👨💻🛳🇮🇷 🇻🇪Three sanctioned countries – Russia, Iran, and Venezuela – continue to accumulate oil in floating storage facilities. The main buyers of their oil, China and several Asian countries, have reduced purchases from sanctioned countries, Oilprice describes the situation.
"OilX, a division of Energy Aspects, calculated that the volume of oil in floating storage facilities in Asia rose to 70 million barrels by the end of October from approximately 50 million barrels in the middle of the month, an increase of 20 million barrels in 14 days.
Vortexa estimates that the total volume of Iranian oil at sea, both in storage and in transit, is 161 million barrels, which is 22.5 million barrels more than at the end of September. The analytics company also estimated the volume of Venezuelan oil stored at sea at 72.3 million barrels, approximately 6.6 million barrels more than at the end of September.
These sanctioned oil stockpiles could pose a price challenge, as they represent a significant portion of global supply. If buyers are found for them, this would exacerbate the supply situation, which most analysts consider excessive.
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