A billion barrels of oil have accumulated on tankers in the world’s oceans. It’s not being unloaded—and the amount is growing due to sanctions against Russia, Iran, and Venezuela.

🔘Since the end of August, the volume of oil accumulated on tankers has increased. About 40% of this increase was provided by crude from sanctioned countries—Russia, Iran, and Venezuela (or oil of unclear origin).

🔘Even at the low end of the scale (about 20%), this is more than the combined share of these three countries in global oil production, Bloomberg notes.

Russian supplies account for the bulk of the sanctioned oil accumulated on tankers.

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