Oil tanker rates are crashing as a pact to limit global crude production begins. Don’t bet on the rout enduring. From today, crude producers in the OPEC+ alliance are cutting their collective output by a level that’s unprecedented in history — almost 10% of global consumption. Normally, such huge curbs would have destroyed the tanker […]

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude. Reliance Industries Ltd. booked the supertanker Princess Mary for more than $400,000 a day to haul crude from the Middle East to […]