Oil Demand Drag Takes a Toll on Tankers

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    Greensea Systems
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    U.S. refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID levels, shipping and trade sources say.

    The global rollout of coronavirus vaccines and the expectation that government-offered stimulus packages will boost the world economy has raised expectations of a recovery in oil consumption. But fuel demand remains sluggish, keeping oil refiners under pressure and looking for ways to limit further losses.

    The International Energy Agency, for example, does not expect oil demand to catch up with supply until about the third quarter.

    U.S.

    Read more by visiting MarineLink.com

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