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ReportedShipping, energy & marketsGlobal oil shipping routes; Middle East

Goldman Sachs says global oil freight costs exceed $20 a barrel

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Local time
9:30 AM UTC
Where
Global oil shipping routes; Middle East

Goldman Sachs said average global oil shipping costs had risen above $20 per barrel from $3 last year, with Middle East routes reaching $35 per barrel, according to OilPrice.com citing a bank note carried by Bloomberg. The bank warned that sustained freight costs could push Brent above its year-end baseline forecast of $90 per barrel.

Why it matters

Higher freight charges increase delivered crude costs even without a further increase in benchmark oil prices.

Source

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