Economics
Why Oil Tanker Market May Take Trump’s Sanctions In Stride This Time
- U.S. set to add 50 oil and fuel tankers to sanctions list
- Pandemic-related demand slowdown may cushion price impact
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The Trump administration’s plan to add as many as 50 oil tankers to an already long list of sanctioned vessels would be enough to send global shipping costs surging under normal circumstances.
But the demand fallout from the pandemic may have freed up enough vessels to keep prices from skyrocketing as they did last year when the U.S. announced penalties against units of China’s biggest shipping company for violating restrictions on carrying Iranian petroleum.