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Crude market oversupplied: Carrier hire rates scale an unprecedented $370,000 /day
Mar 16:
From cutting production to keep supplies down so that prices stay high, the global crude market has suddently changed colours, entering into a grossly over supplied. phase
8Saudi Arabia is threatening to raise supply from 9.7 million b/d to 12.3 million b/d. and the UAE is joining in with output going up to 4.0 million b/d from 3.2 million b/d in February
8Goldman Sachs has indicated that there may well be a surplus of about 6.0 million b/d by April.
8This would require a need to either store or ferry this higher volume of crude.
8Freight rates have gone up to an unprecedented $370,000 daily. The sustainability of such rates however remains uncertain
8Find out more on how the crude market has gone berser
Click on Reports for more.
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8Saudi Arabia is threatening to raise supply from 9.7 million b/d to 12.3 million b/d. and the UAE is joining in with output going up to 4.0 million b/d from 3.2 million b/d in February
8Goldman Sachs has indicated that there may well be a surplus of about 6.0 million b/d by April.
8This would require a need to either store or ferry this higher volume of crude.
8Freight rates have gone up to an unprecedented $370,000 daily. The sustainability of such rates however remains uncertain
8Find out more on how the crude market has gone berser
Click on Reports for more.
