Traders are reluctant to buy Russian oil
Russia’s spot sales problem
Trading houses confirm they are not buying outside of term contracts, leaving the question of who will lift Russian barrels
The CEOs of four of the world’s largest commodity traders admit they are no longer prepared to purchase spot cargoes of Russian oil—albeit the words of Vitol chief Russell Hardy are slightly less categorical than his peers. But, with several IOCs also pledging to halt all trade in the country’s output, it does leave a potentially looming crunch for exports. “We are lifting contractual volumes, pre-agreed long-term contract volumes, which we are obliged to do, and we are not developing any new business at all,” Jeremy Weir, CEO of Trafigura, told the FT Commodities Global Summit in late March. “We do not buy anything on the spot market,” says Torbjorn Tornqvist, CEO of Gunvor, of his firm’s a
Also in this section
10 June 2025
The bloc may find it very difficult to replicate Japan’s approach due to fundamental differences in policy and the markets
10 June 2025
Scapegoating foreign buyers will not solve country’s gas shortages
10 June 2025
US gasoline consumption is at its high level since before COVID, but while stocks remain healthy, the hurricane season threatens
10 June 2025
There has been a flourishing of non-governmental initiatives aimed at incentivising voluntary action on emissions over the past five years, and momentum is not slowing down.
