BTC

The loading of 600,000 barrels of Azeri crude from the terminus of the Baku-Tbilisi-Ceyhan (BTC) pipeline marked an important milestone in the crude oil and potentially the tanker markets. “At capacity” is a commonly used phrase when discussing today’s worldwide crude and refined products markets. It’s no secret that with very little spare capacity, crude markets have been increasingly jittery. However, the operational commencement of the BTC pipeline may alleviate some pressure on oil prices, while increasing demand for tanker tonnage.