Oil Shipping Costs Surge Sevenfold to over $20 a Barrel Amid Middle East War
6 Articles
6 Articles
High crude oil transportation rates may "restrain refiners' overall demand for crude oil, as the final price of oil delivered increases."
The war in the Middle East has also sharply increased the cost of transporting oil. According to Goldman Sachs, the average transportation cost of crude oil per barrel has risen from $3 to over $20 in a year. The bank warned that rising freight prices could put new pressure on Brent oil.
Goldman Sachs analysts, in an assessment note published by experts including Yulia Zhestkova Grigsby, stated that the average transportation cost of crude oil has risen from $3 per barrel to over $20 per barrel...
According to Goldman Sachs, the war in the Middle East has increased global oil transportation costs by approximately seven times in the past year.
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