The US urgently exempts the Russian oil ban; 19 million barrels of Russian oil spot are approved to enter the market for risk avoidance.
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Golden Ten Data reported on March 13 that ship tracking data shows these vessels are carrying at least 19 million barrels of Russian crude oil and 310,000 tons of refined petroleum products. The refined products mainly consist of naphtha, used for plastic production, and some diesel. Since Iran effectively blocked the Strait of Hormuz, the prices of these products have surged significantly. Tracking data indicates that the current signal status of these ships is “standby”—meaning there is no clear destination yet, or they are shown heading towards Singapore and Malaysia. Tankers usually stay in these regions to wait for cargo deals. Kpler senior crude oil analyst Muyu Xu stated that the U.S. decision is “buying time for countries and refiners to respond to supply shocks from the Middle East.” She pointed out: “Countries will purchase any resources they can find—energy security is the top priority for all nations.”
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