Shadow Fleet of Oil Tankers: Impact on Global Prices

Shadow Fleet of Oil Tankers Holds Millions of Barrels from Sanctioned Countries, Potentially Impacting Global Oil PricesIran, Russia, and Venezuelas crude oil, held on tankers due to international restrictions, could significantly affect oil prices. Irans floating storage has more than doubled, reaching over thirty-six million barrels, while Asias floating storage has soared by twenty million barrels in two months. Analysts suggest that Chinese refineries are struggling to process these arrivals due to high existing inventories and limited import quotas. The fate of this massive amount of oil will play a crucial role in shaping future oil prices.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.