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Buyer reticence over Russian crude volumes has grown ever since the country’s conflict with Ukraine began in late February, leading to a dramatic redirection in flows of the key Urals grade that has reverberated round the world.
Just as fuel-efficient car owners are feeling validated in their decision to opt for fuel savers, so too are oil tanker owners who ordered fuel-efficient tankers, or so-called “eco” tankers.
The EU is struggling to get everyone onboard for an outright embargo on oil imports from Russia, but could follow a more flexible, market-driven route.