Iran Conflict Alters Russian Oil Dynamics as Asian Buyers Accelerate Purchases

Before the outbreak of the Iran conflict, Russian oil was heavily stockpiled on offshore tankers, typically sold at significantly low prices. According to Jin10, the situation shifted rapidly as the conflict led to restrictions on non-sanctioned oil supplies. Analysts from vessel tracking data provider Kpler estimate that prior to the commencement of the 'Epic Fury Operation,' approximately 135 million barrels of Russian oil were stored at sea. By Friday, this figure had decreased to 121 million barrels, indicating a swift acquisition by Asian buyers who transported the oil onshore. While the exact amount of oil sold remains unclear, Kpler's senior crude oil analyst, Naveen Das, estimates that over 4 million barrels of Russian oil are being unloaded at ports daily this month.