Earnings for oil tankers in the Middle East declined to the lowest level so far this year as the prospect of deeper OPEC+ production curbs darkened the outlook for the sector.
Freight earnings on the benchmark Middle East-to-China route declined by 21% on Friday to just $8,055 a day, according to data from the Baltic Exchange. That’s down by almost 90% since mid-June.
Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices. Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show.
More pain could be on the way for oil tankers. Russia has agreed with its OPEC+ partners on further cuts to its crude exports, according to Deputy Prime Minister Alexander Novak.
By Thomas Seal (Bloomberg) — Dock foremen and women in British Columbia issued a strike notice for Monday, Nov. 4., setting up disruption at Canada’s biggest and third-biggest ports. The International...
Oct 30 (Reuters) – U.S. shippers are steering clear of East and Gulf Coast ports amid worries the 45,000 dockworkers at those trade hubs will go on strike again if their union leader does not land...
(Bloomberg) — The Environmental Protection Agency has given its blessing for a proposed Texas oil port capable of exporting 1 million barrels of oil a day, even as the terminals...
November 1, 2024
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