Crude Oil Tankers Idled at Sea: Why No Buyers Despite Steep Discounts?
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Oil Tankers Stuck at Sea: Why Buyers Shun Deep Discounts Amid New Price War
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News18•26-02-2026, 11:12
Oil Tankers Stuck at Sea: Why Buyers Shun Deep Discounts Amid New Price War
•Crude oil tankers are stalled on Asian sea routes, with Russia and Iran offering significant discounts to sell their cargoes.
•India's purchase of Russian oil dropped by 40% since January, diverting Russian cargoes to China and intensifying competition with Iran.
•Russia's Urals is discounted by $12/barrel and Iran's Light by up to $11/barrel, pressuring their revenues.
•China's 'teapots' refiners are at maximum capacity, while state-owned refiners avoid sanctioned oil, leading to accumulation.
•Floating storage of Iranian oil surged to 48 million barrels, and Russian oil to 9.5 million barrels in Asian waters, indicating high supply and limited demand.
