The Strategist

Bloomberg: Global oil shipments by sea hit maximum since 2020

04/13/2023 - 10:52

The amount of oil shipped by sea globally increased to its highest level since 2020.

W. Bulach
W. Bulach
According to Bloomberg, who cited data from Vortexa Ltd., the amount of crude oil delivered by tankers by sea increased to its highest level since 2020. The rise in naval shipments shows that Russian oil is being transported over longer distances to new clients.

The amount of crude oil transported in tankers or delivered to its destination last week grew to 1.27 billion barrels. Only in the middle of 2020 was it higher, at around 1.33 billion barrels. Global offshore oil exports were below 1.05 billion barrels in the spring of 2022, but by the end of the year, due to an EU embargo and intentions to set a price cap on Russian oil shipments by sea, they increased to 2.3 billion barrels.

According to Bloomberg, since August 2022, the amount of marine shipments has surged by over 230 million barrels, reflecting reorganization of the global oil market brought on by the events in Ukraine.