The sanctions imposed on Russia and Iran have led to a record accumulation of oil on ships, preventing the formation of a significant surplus in global markets.

The CEO of Gunvor, Torbjorn Tornqvist, stated that the sanctions imposed on Russia and Iran by Western countries have led to a record volume of oil stored on ships, a situation without precedent that prevents the emergence of a massive surplus in global markets. The European Union, the United Kingdom, and the United States have imposed sanctions that have maintained market stability and reduced price volatility, although a significant portion of production remains blocked. Tornqvist warned that, in the event of a sudden lifting of sanctions, the market could face a major supply surplus. Additionally, the CEO of the Mercuria group, Marco Dunand, estimated that global oil supply could exceed demand by up to 2 million barrels per day next year, although sanctions could partially limit this surplus. Global inventories are low, but the amount of oil at sea is high, suggesting that the supply excess will gradually form and affect the market in the coming months.