Sanctions, Ship Seizures and Low Prices Squeeze Russia's Oil Industry

Core Insights - Moscow is facing significant challenges in selling oil, with millions of barrels currently floating on the water, indicating a surplus and lack of buyers [1] - The situation has led to record price discounts for Russian oil, reflecting the difficulties in the market [1] Industry Summary - The oil market is experiencing a notable oversupply, as evidenced by the large volume of unsold oil waiting for buyers [1] - Price discounts for Russian oil have reached unprecedented levels, highlighting the competitive pressures and market dynamics at play [1]