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European Union leaders reached an agreement this week to ban the majority of Russian crude oil and petroleum product imports, but nations were already shunning the country’s oil, altering global flows for the commodity that powers the world.
Russian oil exports had already been hurt by some EU members acting preemptively in anticipation of potential measures, in addition to bans from countries including the United States, according to commodity data firm Kpler.
The amount of Russian crude oil that’s “on the water” surged to nearly 80 million barrels this month, the firm noted, up from less than 30 million barrels prior to the Ukraine invasion.
“The rise in the volume of crude on the water…
Source cnbc.com
