VOL. XXXVI

NO. 45

9-AUGUST-1993

Turn Of The Tide For Tankers

by Kevin Shilleto

Mr. Shilleto, who wrote this article for MEES is a Director of the Londonshipping consultants Internaft Ltd.

In real terms the price of oil is not much above the $2 a barrel that ruledwhen OPEC was formed in 1960. So much for solidarity and progress. In the '50sand '60s, under the impact of regular Middle East convulsions, the cost ofmoving a barrel of crude from the Gulf to Europe ranged from under 50 cents toover 5...