MARKET STRUCTURE · ASIA
US grants waiver for Russian oil at sea
Change
The US Treasury granted a one-month waiver allowing import of Russian crude and refined cargoes loaded before the waiver cutoff, freeing about 19 million barrels and 310,000 tons on roughly 30 tankers for purchase.
Why it matters
The waiver is effective for one month from its grant. It covers cargoes that were already loaded onto vessels before the waiver's Thursday cutoff. Ship-tracking data show about 25 vessels carrying roughly 19 million barrels of crude and additional tankers carrying about 310,000 tons of refined products, mainly naphtha and some diesel. Many of the tankers are signaling "for orders" or indicating Singapore or Malaysia as destinations where barrels are commonly marketed.
Implications
- • Purchases are confined to cargoes loaded before the waiver cutoff and completed within the one-month waiver period.
- • A defined inventory of roughly 30 tankers' cargoes represents the available pool for buyers during the waiver window.
- • Marketing and sale activity will concentrate on tankers signaling "for orders" and on hubs such as Singapore and Malaysia where barrels are commonly marketed.
Who is affected
- • refiners
- • fuel traders and buyers
- • tanker operators and shipowners
What to watch
- • Waiver expiration (one month after grant)
- • Cutoff for covered cargoes: loaded before Thursday
Source
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