Energy and oilUpdated November 6

Oil traders seek US licenses for about 50 sanctioned tankers.

The squeeze is showing up in the cost of moving oil: a global vessel shortage has pushed transport costs to extraordinary levels. Bloomberg reports, citing people familiar with the talks, that Trafigura, Vitol, Mercuria and Abu Dhabi National Oil Co. are negotiating with US officials for licenses to buy or lease about 50 tankers under US sanctions. Bloomberg says the vessels were sanctioned for their involvement in shipping illicit oil. The traders want to use them to ease the shortage and bring shipping costs down.

3 publishers3 reports

Coverage started November 6