Russian Oil-Product Stranded at Sea as Korea Cracks Down
- Holdings of naphtha at sea balloon after investigation starts
- Russian shipments to Taiwan and China increase, Kpler reports
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Cargoes of an oil product from Russia are building up at sea as South Korean buyers turn cautious, highlighting how the invasion of Ukraine is still impacting flows more than two years later.
More than 2 million barrels of Russian naphtha, a building block for plastics, have been held in 10 tankers for more than a week, with some in the waters near Oman and Malta, as of May 7, according to market intelligence firm Kpler. That’s up from a weekly average of about 790,000 barrels in January and February.