Global oil flows are changing ahead of the coming embargo on Russian oil, with a growing amount of Russian crude heading east. Meanwhile, the amount of fuel and oil flowing from Asia and the U.S. to Europe is increasing to cover the shortfall. Russian seaborne oil exports have contracted sharply since the start of September, although shipowners are rushing to buy ice-class tankers to ship Russian oil during winter. Russian oil flows are increasingly moving in an eastern direction, while fuels produced in the East will move in a western direction, Vitol’s chief executive Russell Hardy said at an industry event. “It’s going to go further and longer distances and find different markets, and in doing that it’s going to have to trade at a discount,” Hardy said of Russian oil, as quoted by Reuters. “You’re beginning to see that with fuel coming east that would otherwise have stayed […]