US sanction clarifications tighten squeeze on India's February oil supplies

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US sanction clarifications tighten squeeze on India's February oil supplies - Business Standard

Quick Summary:

But ship-tracking data and a surge in tenders for spot cargoes issued by Indian Oil and other refiners to cover for February reflect a crude oil shortfall in February.

There are hardly 117 tankers available now to transport Russian, Iranian and Venezuelan oil, putting Indian refiners in a spot over supplies, according to three industry sources and a note from London-based Eklipx Research.

OFAC sanctioned 183 crude oil tankers in the latest instalment of sanctions and including those from previous rounds it totals 284 vessels, accounting for 12 per cent of the entire global fleet transporting crude oil, according to data from OFAC and Fearnley.