Oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks.
Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia, the industry’s benchmark route, surged to $111,359, the highest since July 2008, according to the Baltic Exchange in London. The Organization of Petroleum Exporting Countries is helping to keep the world flooded with oil by persisting with a strategy of defending its share of the global crude market, rather than propping up prices. It meets Friday to discuss that policy.
Brazil Energy Insight 
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