U.S. crude oil prices fall after OPEC+ agrees to surge production in June

[BumRushDaShow]

5. I saw a recent article about the ghost fleet

US bill creates fund to enforce oil sanctions on Russia's ghost fleet


April 9, 2025 10:56 AM EDT Updated a month ago


WASHINGTON, April 9 (Reuters) - Legislation from two U.S. senators from both parties introduced on Wednesday establishes a fund to enforce sanctions on the so-called ghost fleet of tankers Russia relies on to carry oil to avoid Western sanctions over its war on Ukraine.

The bill from Senators Joni Ernst, a Republican, and Richard Blumenthal, a Democrat, creates a fund to enforce sanctions on vessels, which sometimes also carry crude exports from Iran, a trade President Donald Trump says he wants to bring down to zero to prevent it from getting a nuclear weapon.

WHY IT'S IMPORTANT

Russia and Iran have used the shadow fleet to avoid sanctions and send oil to big customers like China and India. If Russian oil is under a $60 per barrel price cap set by Western economies, that trade is not under sanctions, provided the tankers have not been designated.

The bill also establishes an export enforcement coordination center operated by the secretary of Homeland Security.

(snip)

Don't know if this is going anywhere though. Might be something that moves "on the whim" of the WH.

Russia has already been selling at a big discount so any demands from buyers that go lower is going to impact them.