Record Volumes of Sanctioned Oil Sit on Tankers Offshore China

Record volumes of nearly 40 million barrels of sanctioned Iranian, Russian, and Venezuelan crude are idling in floating storage on tankers near China, according to Kpler data cited by Bloomberg on Monday. The crude volumes in floating storage, with more than three-quarters of the tankers laden with Iranian oil, have jumped by 17% compared to the week before the Middle East war started. The proximity to China and the willingness of Chinese refiners, especially the private crude processors, to buy sanctioned crude could ease…