Petroleum markets' turmoil spawns tanker glut

Warren R. True Pipeline/Gas Processing Editor The vicious economics at work in crude-oil markets in 1998 and early 1999 are likely to be reflected in petroleum tanker markets by mid-1999 or early 2000. In 1998, crude-oil prices suffered from economic uncertainty and currency devaluations in Asia, Latin America, and Russia and from over production, especially among members of the Organization of Petroleum Exporting Countries (OPEC). Similarly, by mid-1999 and early 2000, the world's supply of crude-oil tankers will likely increase upon delivery of several new vessels contracted in 1997 and early 1998 in response to anticipated higher demand in Asia and elsewhere. ...

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