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Saudi-Russia Oil Price War Stokes Tanker Rates as Ships Needed

  • Middle East producer is now booking vessels outside its fleet
  • Crude tanker earnings have risen fivefold since March 6
This Is Where Saudi Arabia Gets Its Oil

Photographer: Simon Dawson/Bloomberg

The oil-price war between Saudi Arabia and Russia is throwing a lifeline to the tanker market, which has been hobbled by the coronavirus outbreak sapping demand.

Earnings for supertankers on the benchmark route from the Middle East to China have jumped to $166,147 a day -- a 137% increase from Tuesday, Baltic Exchange data show. That compares with $30,339 a day on March 6.