Owners of oil tankers raised transportation prices several times, reports Bloomberg.
This happened after the OPEC countries and Russia failed to agree on a reduction in oil production and, in turn, announced an increase in production. As a result, the employment of oil tankers approached 100%.
Saudi Arabia, trying to flood the market with cheap oil, has booked a large number of additional cargo ships. Only the Saudi operator Bahri has booked an additional 25-30 giant oil tankers for the coming month. At the same time, ships will be used not only for oil deliveries, but also for its storage, since many companies are waiting for the restoration of oil prices.
As a result, for example, Reliance Industries will now have to pay more than $ 400 thousand for each day using the Princess Mary super tanker to transport oil from Saudi Arabia to India. The whole journey will last four to five days, which means the company will have to pay about $ 2 million for the use of the vessel. Prices for transport from the Middle East to China jumped 700% last week, writes Bloomberg, citing data from the Baltic Exchange.
Recall, on March 6, OPEC + countries could not agree on oil production. On world markets, as a result of this, oil prices collapsed, quotes fell by more than 30%.
About what consequences to expect from a fall in oil prices, read the publication “Spark” “Exit Point”.
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