فهد اليحيا

Phantom Oil Movements: An Investigation into Opaque Ship- to-Ship Operations and Their Role in Sanction Evasion

The transportation and distribution of large volumes of oil, gas, and refined products over long distances are enabled primarily by marine shipping. Transborder pipelines serve as an additional method for transporting oil and gas. However, these pipelines are typically more expensive than marine shipping and frequently become subjects of geopolitical tension. Oil tankers constitute a critical phase in the global oil trade. In 2023, approximately 8,976 vessels were on the water and were estimated to be carrying 34.2 billion barrels of crude oil, condensates, and refined oil products according to Vortexa (2024). Most of these barrels were delivered to buyers; however, a few were held as floating storage, waiting for buyers to purchase, or used to hedge by trading firms.