Rise of Shale Oil and OPEC Cuts Leave Supertankers Empty - Bloomberg

Rise of Shale Oil and OPEC Cuts Leave Supertankers Empty - Bloomberg:

Supertankers hauling seawater across the Atlantic? That's just one of the odder results of the U.S. shale boom.

Crude oil has always flowed backwards and forwards across the world’s oceans. A typical voyage by one of the global fleet of around 750 of the giant ships currently in service might see it haul Middle Eastern exports across the Atlantic to a refinery on the U.S. Gulf coast, then pick up a cargo from Venezuela for delivery to China or India, before returning to the Persian Gulf.

Vessels only earn money when they’re full, so being able to haul cargoes in both directions across the seas makes a great deal of sense for ship owners. But soaring U.S. production, OPEC output cuts and sanctions on Iran and Venezuela are turning the global crude oil trade on its head.