The crude oil market is adapting quickly to the new sanctions against Russia's shadow fleet of tankers, albeit by creating both short- and medium-term winners and losers.

In China, there are no buyers for March deliveries of oil from Russia after new American sanctions on Russia's "shadow fleet" led to increased tanker transport costs, which were not covered by these sanctions,

Traders say for the time being the price cap imposed on products that trade at a premium to crude, principally diesel - which stands at $100 per barrel - still leaves room for a profit. Russian diesel currently trades at around $75 per barrel. They also note vessel availability is higher for fuel than for crude.

Russia's crude oil exports from its western ports in February are set to fall by 8% versus January's plan as Moscow increases refining, two traders said and Reuters calculations showed, after the latest U.

The rush to buy replacement cargoes for sanctioned Russian oil has pushed Middle Eastern crude prices to an unusual premium to the global benchmark.

Indian Oil remains confident about energy availability for India saying US sanctions imposed on Russian oil would have "marginal impact" on crude availability for the country, said Chairman A S Sahney.

"I will be 100% on board with taking sanctions up," Treasury Secretary-pick Scott Bessent told lawmakers on Thursday.

Millions of barrels of oil that would normally be preserve of oil refineries in Europe are instead heading to Asia as US sanctions on Russia revive one of the market’s great arbitrage trades.

Trade for March-loading Russian oil in top buyer Asia has stalled as a wide price gap between buyers and sellers emerged in China after costs for chartering tankers unaffected by U.S. sanctions jumped,

Russia is sending cargoes of sanctioned oil to India on tankers that have been blacklisted by the US Treasury — setting up an acid test of Moscow's ability to get around aggressive measures imposed by Washington earlier this month.