OPEC cuts to hit tanker demand; US imports set record

Click here to enlarge imageCuts in crude oil production set to take effect this month by members of the Organization of Petroleum Exporting Countries will depress oil tanker shipping rates as they drive up world crude oil prices.Reducing the net amount of oil potentially exported from the Middle East increases competition among tankers working in the region, forcing some into other geographic markets and thereby depressing tanker rates in those regions.These are the major conclusions of a mid-year analysis of the effects of OPEC's action earlier this summer by Clarkson Research Studies, London.The analysis coincides with mid-2001 US crude oil and refined products import data issued ...

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