At the beginning of 2025, Western energy companies began actively considering the possibility of returning to the Russian market in the event of peace in Ukraine. The decline in global oil prices has become a key factor in this process, as the transportation of Russian oil remains legal under Western sanctions if its price does not exceed $60 per barrel.
This is reported by Business • Media
The Growing Role of Greek Shipowners in the Transportation Market
In April 2025, Greek vessels accounted for 26% of Russian oil transportation, while in March, it was 30%. These figures more than double the share of Greek shipowners in the market at the beginning of 2024. This dynamic occurred against the backdrop of a significant drop in oil prices. Greek companies, which own the largest tanker fleet in the world, have a considerable influence on the global oil market and remain key players in the maritime transportation of energy resources.
“The actions of Greek shipowners have also been a result of the rapprochement between the US and Russia following the return of President Trump to power. However, his recent criticism of Putin, including warnings of new sanctions, illustrates why most Western companies are approaching the resumption of their business in Russia with caution.”
OPEC+ Policy and Further Decline in Oil Prices
Amid falling oil prices, OPEC+ countries decided to continue increasing production for the first time in three consecutive months. In July 2025, the group plans to raise daily production by another 411,000 barrels, despite objections from the Russian Federation. According to the latest data, oil prices fell to their lowest level in four years in April—below $60 per barrel.
The shift in market conditions and the increase in the volume of Russian raw material transportation demonstrate the impact of pricing policies and geopolitical factors on the global energy sector.