Summary
The crude tanker market is expected to benefit from an expected increase in crude oil supply in the coming years.
In its latest weekly report, shipbroker Gibson said that “South America has been a major source of oil supply for decades.
Venezuela remains under sanctions, while Russia has increased its share in the continent’s oil market to the detriment of US refiners.
So, what does all this mean for tankers?” According to Gibson, “demand growth has been rocky.
By contrast, Guyana is in the midst of an oil-funded transformation but is too small to make any meaningful contribution to demand growth”.