The costs to ship fuel and crude oil from Qatar are expected to rise after the United Arab Emirates banned vessels that previously called at Qatar from docking at UAE ports, multiple sources from the oil and shipping sectors said on Monday. After Saudi Arabia, the UAE, Egypt and others last week severed diplomatic and transport links with Qatar after accusing it of sponsoring terrorism, the UAE blocked vessels carrying Qatari crude from entering the Emirates' oil ports. This is disrupting the typical logistics of the oil industry where buyers take very large crude carriers (VLCC) capable of carrying 2 million barrels of oil and load up to four different 500,000-barrel cargoes to save on costs. Buyers are now splitting cargoes on smaller Suezmax ships that carry 1 million barrels to load separately in Qatar and the UAE, the sources said. Click Read More below for more of the story.
National Average Price for Regular Unleaded
Month Ago: $2.909
Year Ago: $2.256
National Average Price for Diesel
Month Ago: $3.195
Year Ago: $2.444
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