China, the global oil market’s lifeline this year, has stepped up purchases from exporters including the U.S., Russia and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place. China, the world’s largest importer of crude, is the only major buyer expected to see increased oil demand this year. This week, Shell, Lukoil and others have booked, or are looking to book, supertankers to ship U.S. crude from the Gulf Coast to Asia in December.
Plans for luxury cruises have quickly—and perhaps predictably—run aground in the Caribbean. Cruise ship-operator SeaDream Yacht Club this week canceled all voyages for the rest of the year after one of its ships—the first to resume sailing in the region amid the pandemic—was wrecked by a COVID-19 outbreak last week. The cruise, which boarded passengers in Barbados on November 7, was said to be a “watershed” voyage for the cruise industry. SeaDream strived to prove it could continue to operate amidst a global health crisis.
