According to Goldman Sachs, more than half of Russian oil exported from Russian ports remains unsold. According to JP Morgan, Russia is looking for buyers for 70% of its marine export oil, Reuters reports.
Following the US and UK ban on oil imports from Russia, traders began to shy away from Russian supplies due to concerns that they could inadvertently violate sanctions.
Reuters states that buyers are also concerned following the damage to Shell's reputation during the weekend, after buying Russian oil.
“If the trend continues, it would mean Russia reducing its marine exports of oil and petroleum products by three million barrels a day,” Goldman Sachs stated.
Russia exports about 7 million barrels of crude and refined oil a day, which makes up around 7% of world supplies.