The Product Tanker Market
Analysis Creates Expertise
The International Energy Agency (IEA) expects OPEC production to fall by 1 million barrels per day in 2020 to 29 million barrels per day, and forecasts that, although OPEC output will continue to fall through to 2024, worldwide oil supply is expected to rise.
In 2019, oil accounted for around one third of world energy consumption. Global oil demand growth is currently projected to grow by 1.3% in both 2020 and 2021, supported largely by expansion in petrochemical feedstock demand, with several project start-ups in the US and Asia lending support. However, whilst a ‘phase 1’ trade deal between the US and China had provided some support to economic sentiment, the recent outbreak of a novel coronavirus, COVID-19, in China could have a significant negative impact.