Oil Tanker Storage Surges as Russia and Iran Face U.S. Sanctions
The U.S. sanctions on Russia and Iran have led to an “unprecedented” large volume of crude oil stored in tankers, Torbjörn Törnqvist, co-founder of commodity trading giant Gunvor Group, said on Wednesday. “This is unprecedented, the size of that. Therefore, obviously, if all sanctions would disappear, this market would clearly be quite oversupplied,” Törnqvist said at the ADIPEC energy conference in Abu Dhabi, as carried by Reuters. While ample supply is reducing volatility in the oil market, the sanctions…