Shanghai Aviation Exchange: Crude oil freight rates fluctuate at high levels

On May 16, the weekly report on the Chinese import oil tanker transportation market released by the Shanghai Shipping Exchange showed that global commercial crude oil inventories may continue to decline in the coming months, thereby supporting the international oil price to remain at high levels. Saudi Arabia has indicated that its crude oil production has dropped to its lowest level since 1990, combined with Middle East geopolitical risks, further enhancing expectations of tight future oil supply. This week, Brent crude futures prices rose, and the VLCC oil tanker transportation market maintained high prices globally, while the Chinese import VLCC transportation market prices fluctuated at high levels.