“The Saudis’ prioritizing growing Asian nations and leaving Western buyers more to themselves is an obvious negative for crude tankers,” since it would imply shorter-distance shipping and fewer cargoes, said Stavseth. Supertankers are already bracing for their worst year since 2013.
How Global Oil Flows Might Look After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.
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