Decline in oil demand likely to boost tanker floating storage
The volume of oil stored on board tankers amid a crash in demand and a spike in supply continues to grow, reaching almost 150m barrels at the end of last week. Major producing nations have agreed to supply cuts, but with demand crashing further, storage will still be required. This ‘second wave’ of demand for floating storage will protect the tanker market from the decline in spot rates, Euronav chief executive anticipates
Oil demand is set for a record drop in 2020. However, the Euronav chief executive takes the view that tankers acting as floating storage can protect tanker operators against downward pressure on the spot market
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