The Daily View: Feeling the heat
That still rests with China.
What happens next to the accumulating barrels of floating storage is likely to have more of an impact on Russian and Iranian oil production than any tanker crackdown from Europe.
India and Türkiye may have been convinced to cut back on sanctioned crude for now, but China could yet take more to top up its strategic reserves at a discount. Or, if it decided not to, both Russia and Iran will ultimately have to scale back production.
That would certainly put the shadow fleet under pressure.
Richard Meade,
Editor-in-chief, Lloyd’s List
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