Sanctions Stir Oil Tanker Traffic Jam
Western sanctions on Russia and Iran are leading to unprecedented volumes of oil stored in tankers, averting a supply glut. The EU, UK, and US have hit Russia with sanctions over its Ukrainian conflict, affecting major Russian oil producers. Gunvor Group's CEO highlighted this market shift at an energy conference.
Western sanctions on Russia and Iran have resulted in vast quantities of oil being stored on tankers, averting a potential supply glut in the markets, according to Gunvor Group's CEO.
The European Union, United Kingdom, and United States have imposed numerous sanctions against Russia due to its actions in Ukraine, with recent measures targeting top oil producers like Rosneft and Lukoil. Torbjorn Tornqvist, CEO of the Swiss-based Gunvor Group, discussed these impacts at the ADIPEC energy conference in Abu Dhabi.
Tornqvist described the situation as unprecedented and noted that the lifting of sanctions would lead to a substantial oversupply in the markets. The global energy balance is currently heavily affected by these geopolitical measures.
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