Stricter sanctions enforcements threaten Russian crude arrivals globally after surge to 10-year high
- Russian crude oil arrivals hit a new 10-year high at 6.03m bpd globally in March, with 5.78m bpd recorded in April to date
- China and India lead the pack in snapping up barrels in March, taking in more than half of Russian crude oil arrivals
- China also looked to Iran, in addition to Russia, to fill in the gap in supplies. Arrivals from the Red Sea also increased sharply
- Prices of sanctioned barrels have also surged, giving rise to economic headwinds on top of geopolitics
Buyers of sanctioned crude oil could be sidelined by Western authorities stepping up shadow fleet seizures and bolstered prices
