Buyers are actively purchasing batches of Russian oil after the easing of U.S. sanctions, but they are showing greater caution regarding Iranian shipments. This is reported by Bloomberg.
Earlier this month, the Trump administration temporarily lifted restrictions on oil supplies from Russia, and then from Iran, to cope with the sharp rise in energy prices caused by the war in the Middle East. However, the short duration of these relaxations and concerns about compliance with regulatory requirements mean that flows are unlikely to normalize. This move also drew criticism from U.S. allies, who are concerned that it may weaken pressure on Moscow and Tehran.
According to vessel tracking data collected by Bloomberg, to the east of Suez, Russian oil is likely available for purchase from 18 tankers carrying about 13.5 million barrels. This is less than 25 vessels with approximately 19 million barrels nearly two weeks ago when the easing was expanded. The decrease occurs even despite the arrival of additional cargoes in the region after the exit from the Suez Canal.
Most vessels are signaling 'waiting for orders', indicating a lack of specific buyers. One of them indicates a destination near Singapore — a usual parking area for sales. Seven tankers are carrying flagship Russian oil of the Urals grade, which is similar to most Middle Eastern oil affected by the war.
Meanwhile, according to Vortexa Ltd., the volumes of Iranian oil in floating storage have mainly remained at around 27 million barrels since the announcement of the easing on Friday. State-owned companies in China and India are refraining from purchases, citing obstacles related to payment, insurance, and the search for compliant vessels.
"I expect that countries will be more hesitant to buy Iranian oil under American easings than Russian oil," said Vandana Hari, founder of the Singapore consulting company Vanda Insights. "Concerns may arise regarding quality, as well as issues related to the payment mechanism, which cannot be said about Russian oil."
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