ShippingWatch

Oil price poised to break through new surprising price ceiling

While the offshore sector is improving and there is renewed optimism, carriers are beginning to feel the pain. Not just among tankers, which transport oil, but all carriers which pay for fuel. Now, the price is about to break a new all-time price ceiling.

Photo: Nabil al-Jurani/AP/Polfoto/Arkiv

It is not more than a few months ago that the low oil price was sending supply vessels into retirement almost daily, offshore rigs to the scrap heap, and delaying utility's investments indefinetely.

At the beginning of 2017, the price of one barrel of North Sea oil was causing pain all around. From the first seismic surveys to the bank's provisions on utilities. At the same time, the ultra low oil price helped to generate revenue for tanker carriers in particular, and ensure cheap fuel for all shipping companies.

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