Exclusive: Dirty oil crisis over for Russia, but contagion felt on high seas

In the opinion of Russian officials, the oil contamination crisis that disrupted...

MOSCOW/LONDON - In the opinion of Russian officials, the oil contamination crisis that disrupted flows from the world’s second-largest exporter of crude this spring is long over.

More than 1 million tonnes worth around $500 million remains homeless, zigzagging between Europe and Asia. In China, buyers have refused to take dirty Russian oil, forcing trader Vitol to send a cargo back to Europe.That means buyers are struggling to place oil even at discounts of $10-15 per barrel - or $10-15 million per regular Suezmax tanker - to the current, regular price of $65 a barrel.

After several weeks of debate, Russian pipeline monopoly Transneft pledged to pay compensation to Russian producers such as Rosneft, Surgutneftegas, as well as Kazakhstan, for contaminated oil. Suezmax Chios I, fixed by Vitol, has been floating around the Suez for a month, initially set to be sold to an independent Chinese refiner, but is now heading back to Europe with no final buyer, according to traders and ship-tracking data.

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