Russia has started sending unsold oil to Ghana for storage due to the embargo
Russia produces more oil than it can sell
Russia has sent an oil tanker to Ghana to leave the fuel in storage tanks.
Source. Bloomberg writes about this with reference to sources and data from tracking services.
Details. The first tanker with Russian oil since at least 2018 arrived in Tema on Friday. The ship Theseus is carrying about 600 thousand barrels of Russian oil from a port in the Black Sea. According to the agency's sources, the fuel is to be loaded into storage tanks in Tema.
When the tanker was heading to the country, the Director General of the Ghana National Petroleum Authority said that the shipment of fuel would be blocked if the ship was heading to the country. However, after the Theseus entered Ghana's territorial waters, officials stopped responding to journalists' inquiries.
Bloomberg notes that Ghana is an oil exporter itself.
According to the agency, traders may be looking for new buyers of Russian oil in the market after the European Union stopped almost all maritime imports from the country in December.
The European embargo has made Moscow extremely dependent on supplies to China and India, the agency writes. However, purchases from these countries alone are not enough for Russia to sell all the oil it produces. In mid-February, Russian Deputy Prime Minister Alexander Novak said that starting in March, Russia's oil production would be reduced by 500,000 barrels per day, or about 5%.
The US presidential administration said that the reduction was due to Russia's inability to sell all of its oil production.
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