Western nations have implemented strategies aimed at curbing Russia's ability to sell its oil, compelling the country to offer significant discounts to attract buyers. While these discounts have exceeded $27 per barrel, vast amounts of Russian oil remain unpurchased. According to Vortexa, approximately 143 million barrels of Russian oil are currently on tankers across the world's oceans as of February 10.

This situation is indicative of a larger trend, as floating storage units, primarily from shadow fleets, have been repurposed to hold the unsold Russian oil. Reports suggest that this amount of oil stored is nearly half of Russia's monthly oil production, which fluctuated from nearly 9 million barrels per day in January due to OPEC+ restrictions to slightly above 9 million barrels in November, before dropping to 9.28 million barrels in January of this year. These figures, sourced from Russian officials, raise questions about their verifiability.

In addition, U.S. actions have intensified, as evidenced by their seizure of another tanker belonging to the shadow fleet in the Indian Ocean, signaling further implications for the ongoing geopolitical tensions surrounding the energy sector. The consequences of these dynamics not only affect the global oil market but also pose challenges for Russia's economic stability as it struggles to find buyers for its oil amidst significant sanctions and restrictions.