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
20 March 2026
The extent of the US-Israel war with Iran means there will be no going back to the previous market equilibrium no matter how the conflict ends
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
