The oil price has dropped to a two-year low, with a current Brent oil (North Sea oil) price of USD 96.4 per barrel, compared to around USD 115 earlier this year. The declining oil price in 2014 results in carriers saving approximately 10 percent on ship fuel, according to oil analyst Michael Poulsen, Global Risk Management.
"Looking at the Brent price alone, there's currently a saving of around 15-20 percent compared to earlier this year, while the saving on ship fuel is hovering at some 10 percent compared to the level seen earlier this year," Michael Poulsen tells ShippingWatch.
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