Oil Demand Drag Takes Toll on Tankers

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    Greensea Systems
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    Reuters

    By Jonathan Saul and Laura Sanicola

    LONDON/NEW YORK, March 16 (Reuters) – 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.

    Read more by visiting gCaptain.

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