The Energy Market’s Next Crisis: Oil Tanker Shortages

Fuel markets worldwide are also tight which, combined with soaring tanker prices, will only add to inflation fears. In early August, the average profit for an oil product tanker jumped to the highest level since 1997, and it is likely that profits have increased since then. The European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU embargo on Russian oil and fuels enters into effect. Few tankers have been built in the past few years, and supply will probably remain tight, pushing the cost of transporting oil.

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