A significant portion of this volume comes from countries under sanctions. According to various estimates, between 20% and 40% of the oil on tankers belongs to Russia, Iran, and Venezuela.
At the same time, the share of these countries in global production is only 17%, indicating that their oil is accumulating faster than resources from other regions.
According to Bloomberg, this accumulation is related both to increased production, including in Russia, and to the impact of sanctions that force many ports to refuse to accept oil from these countries.
Analysts at Clarksons Securities note: "The increase in stocks is partly due to stricter Western sanctions that prevent the unloading of Russian oil from tankers."
Additionally, oil that is not subject to sanctions is also accumulating, particularly from Saudi Arabia, where there has been an increase in production and exports in recent months.
