U.S. Sanctions Disrupt Russian Oil Trade
This is a Moscow news story, published by Yahoo Finance, that relates primarily to Brent news.
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western sanctionsReuters
•Business
Business & Economics
Analysis-Latest US sanctions on Russia throw global oil trade into disarray
79% Informative
U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India .
Washington 's January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow 's oil revenue.
New rules have left millions of barrels floating on ships and sent traders hunting for alternatives.
For a few weeks , Dubai became more expensive than low-sulphur Brent , which is easier to process.
Iran 's floating storage has risen by 14 million barrels since the start of the year to its highest in 14 months .
Tighter sanctions enforcement could cut Iran 's output by 1 million barrels per day and push Brent to the high $80s a barrel by May .
China 's state refiners, meanwhile, are likely to shun Russian oil as sanctions reduce the number of counterparties and insurers for such transactions.
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