FACTBOX: Global shadow tanker fleet moves growing volumes of sanctioned oil

Led by the US, Western governments have tightened sanctions on Russia, Iran and Venezuela amid escalating geopolitical conflicts, often targeting the countries’ oil exports to choke off their main revenue streams. In response, OPEC+ producers are amassing tanker capacity to bypass the trade restrictions and continue their seaborne oil shipments, often destined for China, the world’s largest oil importer that…Led by the US, Western governments have tightened sanctions on Russia, Iran and Venezuela amid escalating geopolitical conflicts, often targeting the countries’ oil exports to choke off their main revenue streams. In response, OPEC+ producers are amassing tanker capacity to bypass the trade restrictions and continue their seaborne oil shipments, often destined for China, the world’s largest oil importer that…Read More