Commodities & Energy

Reuters reveals BP holds millions of barrels of oil off China as demand falters

Reuters reveals BP holds millions of barrels of oil off China as demand falters

Four supertankers chartered by energy major BP have been held up or delayed off China’s east coast over the last two months, unable to fully discharge oil as slowing demand from the country’s private refiners starts to impact global markets, Reuters reported. Shippers estimate the daily charter rate for a VLCC is now about $30,000 per day. Four chartered VLCCs sitting idle for a month would cost BP around $3.6 million.