Oil Tankers Stuck at Sea: Why Buyers Shun Deep Discounts Amid New Price War

• Crude oil tankers are stalled on Asian sea routes, with Russia and Iran offering significant discounts to sell their cargoes.
• India's purchase of Russian oil dropped by 40% since January, diverting Russian cargoes to China and intensifying competition with Iran.
• Russia's Urals is discounted by $12/barrel and Iran's Light by up to $11/barrel, pressuring their revenues.
• China's 'teapots' refiners are at maximum capacity, while state-owned refiners avoid sanctioned oil, leading to accumulation.
• Floating storage of Iranian oil surged to 48 million barrels, and Russian oil to 9.5 million barrels in Asian waters, indicating high supply and limited demand.