The black market for oil will continue to thrive

Russia, Iran and Venezuela are selling an estimated NZ$1.76 billion worth of oil a day, despite being subject to sanctions. (Image: DepositPhotos)

Bloomberg

Sat, 15 Feb 2025

By Javier BlasOil smuggling isn’t easy, but it’s so enormously profitable that obstacles only slow it down. Sure, the authorities can make dealing illicit barrels a bit less financially rewarding; ultimately, however, the oil will flow. And it is flowing. Russia, Iran and Venezuela – the three major oil-producing countries under Western sanctions – are still pumping about 16 million barrels a day of crude and other oil liquids. Assume the trio are selling oil at a 20% discount to market prices and do the m...

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