It’s no secret that international trade is still reeling from the COVID-19 pandemic, the war in Ukraine, and the energy and monetary problems both have caused. But a recent episode involving Turkey and its Black […]
Chalk up another way that China is benefitting from Western sanctions against Russia. First we saw China seize the opportunity to buy Russian oil at a steep discount. Now, China’s shipyards are racking up record […]
Authored by Tsvetana Paraskova via OilPrice.com, Sanctions on key oil exporters have given rise to a lucrative black market for crude. The EU embargo on Russian crude oil imports and the price cap on Russian […]
Supertanker rates reached record levels earlier this year. Very Large Crude Carrier rates have plunged to just $38,000 per day, falling some 62% from a few weeks ago. OPEC+ cuts and waning SPR releases are […]
The United States is in touch with Turkey about a dispute that is leading to oil tankers being blocked in the region, the White House said on Friday. White House press secretary Karine Jean-Pierre told […]
The EU and G7 price cap on Russian oil went into effect on Monday, but it’s already causing disruptions in global supply chains. The first manifestation comes from Turkey, where the Financial Times reports that […]
On Wednesday, Reuters reported that the Group of Seven (G7) nations is now considering imposing a price cap on Russian sea-borne crude in the range of $65-70 per barrel. EU leaders met on Wednesday to […]
NewsShipping Iran has confirmed the release of two Greek oil tankers that it seized in the Gulf in May, ending a months-long diplomatic impasse that has strained relations between Athens and Tehran. The Iranian foreign […]
BREAKINGBREAKING, An oil tanker associated with an Israeli billionaire has been struck by a bomb-carrying drone off the coast of Oman amid heightened tensions with Iran, an official has told The Associated Press. The attack […]
Oil tankers that previously carried Iranian oil are switching to haul Russian crude, according to shipping analytics company Vortexa. Eleven of the tracked ships that previously carried Iranian crude have loaded Russian oil and products since April, […]
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