One Reason for Lower Oil Prices: Russian Exports Are Climbing - The Wall Street Journal

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One Reason for Lower Oil Prices: Russian Exports Are Climbing

By

Joe Wallace

, Reporter

The cost of chartering oil tankers has been extremely volatile recently. (Lucy Nicholson/Reuters)

Why have oil prices dropped more than 10% since mid-September? Shipping markets offer a clue.

The cost of chartering tankers to move crude around the world has experienced extraordinary volatility in recent weeks, according to E.A. Gibson Shipbrokers. Daily rates on some routes across the Atlantic briefly spiked to nearly $100,000 a day, several times the standard rate in recent years.

The reason: There is more oil to move because of a rise in exports, including by members of the Saudi Arabia-led OPEC+ cartel and the U.S.

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