#LCO Fleet of tankers loaded with Russian Urals oil has accumulated off the eastern coast of China after India, once the largest buyer of this grade, limited purchases amid Western sanctions. This is reported by Bloomberg.

According to Kpler, as of Wednesday, at least 5 vessels were idling in the Yellow Sea with 3.4 million barrels of oil, which is double the volume of the previous week and the highest figure for this grade in the region in over five years. This area is located near Shandong province, which is the center of independent oil refineries.

The accumulation of Urals off the coast of China is an atypical situation that has attracted the attention of oil traders worldwide. Chinese refineries usually do not buy this grade shipped from distant western ports, preferring Russian oil from eastern terminals due to geographic proximity and high diesel yield.

However, in recent weeks, increased U.S. scrutiny of oil flows from Russia to India, as well as sanctions against Rosneft and Lukoil, have pushed Urals sellers to seek other buyers in East Asia.