12 Empty Supertankers Tell Us Everything We Need To Know About The Oil Market
There is a tug-o-war between the oil producing nations and President Trump. OPEC and other countries want the price of oil to increase after years of low oil prices. Trump wants oil prices down as low as they can go.
Cargo ships are crossing the ocean carrying nothing but sea water. The reason they are empty is because of OPEC cuts while the United States became a net exporter of oil. The shale industry is exploding.
Companies are forgoing half the profits on a trip in an effort to seize upon the boom in United States oil.
This is a radical shift from what took place in the past.
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