Lower oil prices increased piracy

Idle tankers provided greater opportunity for piracy.

Impact of Lower Oil Prices: Increased Piracy in Regional Waters – Analysis

Lower oil and gas prices have led to tankers being anchored or loitering in areas in the region where they are vulnerable to being robbed by opportunistic attackers.

By Sam Bateman*

Oil and gas prices have fallen by more than one-half over the past year as a consequence of lower demand, weakening economic growth in some major economies, over supply, and increased shale oil production in the United States. As a consequence, offshore oil and gas exploration and exploitation has slowed down and there is lower demand for oil and gas tankers to shift cargoes of crude oil, petroleum products and liquid petroleum and natural gas (LPG and LNG).

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Source: eurasiareview.com

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