A leading Saudi Arabian oil shipping company has temporarily booked at least 500 super tankers, reflecting the current surge in demand. This move is linked to the rising global shipping expenses driven by various factors affecting oil trade. Super tankers are very large vessels used to transport substantial quantities of crude oil worldwide. Given the current volatility and price fluctuations in the global oil market, major oil exporters are increasing bookings of such vessels to ensure efficient delivery of their products. This strategy aims to stabilize the oil supply chain amid market uncertainties and logistical challenges. The rise in shipping costs is attributed to global economic conditions, the balance of oil supply and demand, and geopolitical factors. Additionally, the increased demand for super tankers indicates ongoing efforts to boost oil exports while also suggesting a greater likelihood of storing large oil reserves due to market unpredictability. If oil prices remain unstable and shipping costs continue to rise, major oil exporters may book additional super tankers to secure their supply chains, which could further impact the global oil market, particularly in terms of customer supply.
Source: binance
