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    Home > Headlines > Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO says
    Headlines

    Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO says

    Published by Global Banking & Finance Review®

    Posted on November 5, 2025

    1 min read

    Last updated: January 21, 2026

    Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO says - Headlines news and analysis from Global Banking & Finance Review
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    Tags:oil and gasenergy marketfinancial marketsinvestment

    Quick Summary

    Western sanctions on Russia and Iran result in record oil storage on ships, preventing a global supply glut, according to Gunvor's CEO.

    Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO

    By Yousef Saba

    ABU DHABI (Reuters) -Western sanctions on Russia and Iran are creating record volumes of oil kept in floating storage, preventing a supply glut from forming in global markets, Gunvor Group's CEO said on Wednesday.

    The European Union, United Kingdom and the United States have imposed a raft of sanctions against Russia over its war in Ukraine, with the latest U.S. embargo targeting Russia's two top oil producers Rosneft and Lukoil last month.

    "Through the sanctions that we've had around the world, an enormous amount of oil is stuck and dislocated," Torbjorn Tornqvist, CEO of Swiss-based commodities trader Gunvor Group, told the ADIPEC energy conference in Abu Dhabi.

    "This is unprecedented, the size of that. Therefore, obviously, if all sanctions would disappear, this market would clearly be quite oversupplied," he added.

    (Reporting by Yousef Saba; Editing by Muralikumar Anantharaman and Kim Coghill)

    Key Takeaways

    • •Western sanctions on Russia and Iran lead to record oil storage on ships.
    • •Sanctions prevent a supply glut in global markets.
    • •Gunvor CEO highlights unprecedented oil dislocation.
    • •EU, UK, and US impose sanctions on Russian oil producers.
    • •Potential oversupply if sanctions are lifted.

    Frequently Asked Questions about Unprecedented volume of oil stored on ships due to Western sanctions, Gunvor CEO says

    1What is floating storage?

    Floating storage refers to the practice of storing oil or other commodities on ships instead of on land. This method is often used when there is an oversupply or logistical challenges in transporting the goods.

    2What is a supply glut?

    A supply glut occurs when the supply of a commodity exceeds its demand, leading to a surplus. This can result in falling prices and is often caused by increased production or decreased consumption.

    3What is the role of Gunvor Group?

    Gunvor Group is a global commodities trading company that specializes in the trading and logistics of oil, natural gas, and other commodities. It plays a significant role in the energy market.

    4What is the impact of sanctions on oil markets?

    Sanctions can disrupt oil supply chains, leading to changes in pricing and availability. They may cause oil to be stored in floating storage, preventing a supply glut and affecting global market dynamics.

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