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In this article, we discuss the 5 best oil tanker stocks to buy now. If you want to read through our detailed analysis of the best oil tanker companies.
11 Best Oil Tanker Stocks To Buy Now
The boom of the oil tanker industry is undeniable, as the world has been heavily dependent on the steady flow of oil transfer from one point to another. The Covid-19 pandemic resulted in upsetting effects on the supply chain of oil which experienced an unprecedented decline in demand. According to the International Energy Agency (EIA), the average barrels of oil consumed per day decreased to an upsetting 30 million during the pandemic as compared to the usual consumption of 65-70 million barrels per day. The decline in demand forced the reduction of oil production because of the unavailability of land-based storage areas for oil. However, oil producers were partially able to keep producing above the demand as they were able to use oil tankers as an alternative for oil storage. So, the oil tanker industry actually benefitted from the pandemic despite the huge collapse in demand. In a separate article, Business Standard noted that an increase in se