TThe diversion of crude oil trade at sea is well underway, as evidenced by the fact that the EU is now the destination of a third of total US crude exports.
In its latest weekly report, shipbroker Banchero Costa said that “2021 was a very negative year for crude oil trading. Total loads in the full 12 months of 2021 fell -4.4% year-on-year to 1,887 million tons, excluding total cabotage trade, according to Refinitiv vessel tracking data. Things have turned quite a bit, however…
