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Tankers and Gas International

Spot VLCC rates plummet amid EU ban

Activity is starting to fall, leading to lower freight rates as the European Union ban on Russian crude oil exports takes effect as of today

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Output from the oil-producing cartel the Organisation of the Petroleum Exporting Countries has fallen. These production cuts are expected to be maintained throughout the rest of this year and next. In addition, oil on water has also fallen from the peak seen in August

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This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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