Against the backdrop of falling global oil prices, Western energy companies have begun to actively consider the possibility of resuming cooperation with the Russian Federation. In particular, in April 2025, Greek shipowners facilitated the transportation of 26% of Russian oil, while in March this figure reached 30%. This is more than double their usual market share over the year. Such dynamics became possible after oil prices fell to a four-year low and remained below the limit set by Western sanctions of $60 per barrel, making oil transportation legal under international restrictions.
This is reported by Finway
Greek Tankers and Their Impact on the Oil Market
The increase in the transportation of Russian raw materials by Greek companies occurred against the backdrop of a gradual warming of relations between the U.S. and Russia following Donald Trump’s return to the presidency. At the same time, his recent statements, which included sharp criticism of Putin and warnings about the imposition of additional sanctions, became a significant argument for Western companies that remain cautious about returning to the Russian market. Greek shipping companies, which together own the largest tanker fleet in the world, significantly influence the distribution of oil flows and pricing on the global market.
“In April, Greek vessels transported 26% of Russian oil, while in March it was 30%, which is more than 100% above their market share in 2024.”
OPEC+ and Further Increase in Oil Production
Simultaneously, OPEC+ member countries reached an agreement in June 2025 for another increase in oil production volumes. According to the updated quota, daily production will rise by another 411,000 barrels in July, despite objections from the Russian Federation. Thus, the alliance is increasing production for the third consecutive month. The decision was made against the backdrop of falling oil prices in April to levels below $60 per barrel, marking the lowest figure in the last four years.