The impact of the European Union’s embargoes on Russian oil is already factored into the tanker market, and further short-term gains are unlikely, according to Fearnley Securities.
The 27-nation bloc banned most seaborne Russian crude imports on 5 December. Another embargo on refined oil product imports is due next month.
European importers will have to source oil from further afield, which many analysts say is likely to boost tanker demand during 2023.
