An increase in exports from countries under Western sanctions, led by Iran and Russia, combined with weaker Chinese purchases, has led to a surplus of oil that is now looking for buyers in the world's largest consuming region. Oil inventories on tankers in Asian waters have tripled since September to a three-year high. Commercial sources and analysts say the surplus is set to ease as sanctioned oil producers slow their export pace, alongside increased purchases by Chinese refineries. The oversupply has impacted prices and mitigated the impact...
