Major oil trading companies are storing diesel and jet fuel on newly built supertankers in Asia and Africa

Major oil trading companies are storing diesel and jet fuel on newly built supertankers in Asia and Africa in anticipation of COVID-19 vaccinations driving prices higher in the months ahead despite the activity being less lucrative now than last year.

Trafigura, Glencore and Vitol are holding about 1.5 million tonnes of diesel and aviation fuel on at least seven Very Large Crude Carriers (VLCCs) off Singapore, Malaysia, Sri Lanka and Africa, according to shipping sources and data from analytics firms Vortexa, Kpler and Refinitiv.

Jask Oil Terminal Iran's Gateway to Export Oil from Oman Sea
Many European Refiners may Not Survive COVID

Sign up with your email address to receive news and updates.

SUBSCRIBE

Leave a Reply