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China sucks up sanctioned oil from shadow fleet, sending floating storage to seven-year low - TradeWinds

TradeWinds · last updated

China sucks up sanctioned oil from shadow fleet, sending floating storage to seven-year low | TradeWinds

Floating storage for crude oil fell to its lowest level for at least seven years at the end of 2023 as the growing shadow fleet moved sanctioned supplies to China, according to the International Energy Agency.

The US sanctioning of Iran and Venezuela in 2018 and 2019 led to unsold oil being moved offshore, with storage further boosted by a slump in global demand during the Covid-19 pandemic.

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