Insight
Coronavirus and OPEC+ group policy changes impact on vessel traffic and crude movement
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Report summary
The shipping industry experienced major disruptions due to both Coronavirus and the OPEC+ group policy changes. While cruise ship traffic has essentially stopped, crude tanker traffic has proven resilient. However, crude movement has been disturbed by the Saudi-Russian feud on OPEC+ production cuts that led to the oil price crash in early March. The Saudi-Russian bout for market share in Europe and globally is visible through VesselTracker data: Saudi Arabia has ramped up crude exports, with increased use of the Yanbu terminal to supply European markets to the detriment of Russia. In the meantime, we have observed increased Russian crude oil exports from the Baltic into China and East Asia, suggesting that Russia has struggled to find buyers for its Urals crude. The April 10 OPEC+ agreement should lead to further shifts in crude trade from its implementation on 1 May.
Table of contents
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The combination of the pandemic and the OPEC+ group policy has disrupted the shipping industry, with VesselTracker data showing a noticeable change in crude oil exports out of Saudi Arabia and Russia in April.
- Not all vessel types need bailout
- OPEC+ crude oil exports grew in April
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