Tankers Head for Egypt in Sign Russian-Oil Surge Spurring Demand
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The number of supertankers bound for Egypt rose to the highest since at least November, prompting speculation more Middle East crude may be flowing to Europe as a result of rising prices for competing Russian grades.
There were 11 very large crude carriers able to transport about 22 million barrels signaling for the North African country, ship-tracking data compiled by Bloomberg showed as of about 7 a.m. London time today. That was up from seven a week ago and exceeded the prior high of 10, reached June 5. Ten of the vessels previously went to Saudi Arabia, Iraq or Kuwait.