Oil smuggling remains highly profitable despite sanctions on Russia, Iran, and Venezuela, which together produce about 16 million barrels per day at a discount. Western sanctions create obstacles but fail to halt illicit trading. Smugglers continually find ways to circumvent restrictions, with non-Western countries still purchasing sanctioned oil, and the political will to enforce stricter measures is weak.
Oil smuggling isn’t easy. But despite obstacles, refiners are minting $1 billion every day
