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Crude carriers outnumber cargo needs
- Middle East: Thursday, August 13 - 2009 at 12:15
There are 20% more very large crude carriers (VLCCs) in the Middle East for hire over 30 days than there are cargoes that need to be shipped, according to Exim News Service. The fleet of VLCCs has expanded by 6% this year to 529 ships, while the Middle East producers in Opec cut their combined output by 3.7% to 19.3 million barrels a day. Oil companies and traders concluded about 50 rentals recently, an Oslo-based analyst has said, adding that there are normally about 90 such bookings a month.
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StaffThursday, August 13 - 2009 at 12:15 UAE local time (GMT+4)
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