Russia struggles to sell Pacific oil, 14 tankers stuck - sources, data

Source: Reuters

Exclusive: Russia struggles to sell Pacific oil, 14 tankers stuck - sources, data

Reuters
January 26, 2024 9:35 AM EST Updated 8 hours ago

MOSCOW, Jan 26 (Reuters) - • This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

More than a dozen tankers loaded with 10 million barrels of Russia's Sokol grade crude oil have been stranded off the coast of South Korea for weeks, so far unsold due to U.S. sanctions and payment issues, according to two traders and shipping data.

The volumes, equating to 1.3 million metric tons, represent more than a month's production of the Sakhalin-1 project, once a flagship venture of U.S. major Exxon Mobil, which exited Russia after Moscow's invasion of Ukraine.

Sakhalin-1 was one of the first post-Soviet deals in Russia made under a production sharing agreement. When Exxon Mobil left in 2022, output fell to nearly zero and hasn't fully recovered since.

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Read more: https://www.reuters.com/markets/commodities/russia-struggles-sell-pacific-oil-14-tankers-stuck-sources-data-2024-01-26/

Alternate no-paywall link: https://finance.yahoo.com/news/exclusive-russia-struggles-sell-pacific-141422352.html