Supertanker Rates Soar as Buyers Scramble to Replace Russian Oil ...Middle East

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Supertanker Rates Soar as Buyers Scramble to Replace Russian Oil
source : OILPRICE ( Middle East ) () 206
The supertanker freight futures surged on Thursday and Friday after the U.S. sanctions against Russia’s biggest oil firms created a rush to replace Russian barrels.  The front-month supertanker contracts on the route Middle East to China, the benchmark route, jumped by 16% on Thursday, to the highest level in nearly two years, according to data from the Baltic Exchange data cited by Bloomberg. “We anticipate the rush for replacement crudes will be larger and more sustained because of the exhaustive list of Russian producers under…

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