Russia sends oil to storage in Africa due to a decrease in the circle of buyers - Bloomberg

28 February 2023, 16:54 | Economy
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A cargo of Russian oil went to storage in Ghana in West Africa, a country that itself exports oil and is on the threshold of two regional suppliers. Bloomberg writes about it..

This development suggests that traders may be looking for new buyers of Russian oil after the EU stopped almost all seaborne imports from that country last December.. The bloc's measures have made Moscow very dependent on oil exports to India and China.

The Tesei tanker arrived in Ghanaian territorial waters on Friday, Feb. 24, carrying about 600,000 barrels of Russian oil from a port in the Black Sea, according to tanker tracking data compiled by Bloomberg..

According to people familiar with the matter, the cargo is to be pumped into tanks in the city of Tema.. The last signal from the tanker came on Sunday evening, by which time unloading had not yet begun..

Russia has come under pressure to maintain its oil revenues after the G7 and the EU imposed sanctions on Russia's energy industry.

Almost all EU companies are prohibited from buying Russian oil and oil products, as well as providing essential services such as insurance, to countries that buy Russian oil at a price above the established limit.. Last December, Russia's oil revenue fell nearly 20% from the previous month, according to the International Energy Agency, after a price cap led to significant discounts on Russian oil..

According to the company, the oil will be stored in tanks at the refinery in the city of Tema..

As the tanker was on its way into the country, the director general of the National Petroleum Administration of Ghana said the cargo would be blocked if it was heading into the country..

The arrival at Tema will be the first delivery of Russian oil to the West African country since at least October 2018, tracking data show.

Ghana itself is a small exporter of oil, which has shipped an average of about 140,000 barrels per day over the past six months.. It is also adjacent to Nigeria and Angola, sub-Saharan Africa's two largest oil producers..

After the imposition of sanctions against Russia, the country sent oil exports to China and India, which turned the world's oil flows and the maritime industry.



Since earlier Europe was the largest market for Russian oil, this has sharply narrowed the circle of buyers for the Russian Federation.. It also means that Russian oil had to be sold at a discount at the point of export to offset high shipping costs..

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Earlier it was reported that Indian buyers of Russian oil, who have been an important lifeline for the Kremlin in recent months, have found themselves under the burden of increasingly stringent demands from financiers wary of violating Western sanctions - a "




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