A shipment of Russian oil is on its way to storage tanks in Ghana, a country that sells its own petroleum and is close to two major regional suppliers.
Following the European Union’s decision to halt practically all seaborne imports from Russia in December, the development raises the possibility that dealers are searching the market for new consumers of Russian barrels. Moscow became heavily dependent on Chinese and Indian imports as a result of the bloc’s policies.
According to tanker monitoring information gathered by Bloomberg, the ship Theseus arrived in Ghana’s territorial waters on Friday carrying around 600,000 barrels of Russian oil from a port in the Black Sea.
According to those with knowledge of the situation, Tema storage tanks were supposed to receive their cargo. The ship sent its last transmission on Sunday night, when unloading had not yet started.
As the Group of Seven and the European Union slapped harsh sanctions on the nation’s energy sector, Russia is under pressure to maintain its oil earnings.
Almost all businesses operating within the European Union are forbidden from acquiring Russian crude and petroleum products, or from offering crucial services like insurance to countries that import these goods beyond a set price.
In December, Russia’s petroleum revenues dropped nearly 20% from the previous month after the price cap triggered big discounts on the nation’s crude, according to the International Energy Agency.
According to the sources, the crude will be kept in tanks at the Tema Oil Refinery. Requests for comments were not answered by the company.
The CEO of Ghana’s National Petroleum Authority warned that the shipment would be stopped if it was headed for the nation as the tanker was on its way there. After it entered the territorial waters of the west African country, the NPA ignored many demands for comment.
The delivery of Russian oil to Tema would mark the first such delivery to a West African nation since at least October 2018, according to tracking information.
According to tanker tracking data published by Bloomberg, Ghana itself is a tiny oil exporter, moving an average of approximately 140,000 barrels per day during the previous six months. Also, the two largest suppliers in sub-Saharan Africa, Nigeria and Angola, are nearby.
Russian crude deliveries to China and India after sanctions were imposed on the country disrupted global oil flows and the marine industry.
Before, Europe was by far the biggest market for Russian oil, drastically reducing the country’s potential market. Also, it meant that in order to cover the relatively high delivery expenses, the barrels had to be reduced at the point of export.
