What can Russia do to sell its unwanted oil?

ON FEBRUARY 22ND, two days before Russia invaded Ukraine, a German-flagged vessel left the Russian port of Primorsk loaded with 33,000 tonnes of oil. When it reached Tranmere, a British oil terminal, on March 3rd, it received a frosty welcome. Some dockers refused to unload the freight when they learnt where it had come from. Similar boycotts have sprung up elsewhere. Kayrros, a data firm, estimates that the volume of oil “on water” rose by nearly 13% in the fortnight after the invasion, in large part as undelivered Russian cargo sought new takers. The number of vessels returning to Russia also jumped.Most of what has flowed out of Russia in recent weeks was bought and paid for before the war started. Now less oil is leaving the country in the first place. Worries about sanctions and bad publicity have prompted many buyers to pause purchases. On March 24th the volume of Russian seaborne oil exports, at 2.3m barrels per day (bpd), was nearly 2m below the level on March 1st, reckons Kpler, a data firm. As those barrels fail to sell, the price of Brent crude is nearing $115. Yet for the countries willing to risk opprobrium and jump through new logistical hoops, Russian oil is beginning to look like a bargain.