Mexico Favoring Asia in Oil Seen Adding to Crude Tanker Demand
Rising Mexican crude oil exports to Asia are helping to boost demand for oil tankers because of the distances involved in the deliveries, according to Poten & Partners, a New York-based shipping consultant.
A measure of ship demand called ton-miles, multiplying cargoes by voyage lengths, expanded 8 percent this year for shipments from Mexico, Poten said in a report sent by e-mail Sept. 22. Demand for its crude from refineries in China, India and Spain is adding to tanker use, Poten said. Mexico normally sends more crude to U.S. refineries when its oil production strengthens, the company said.
To contact the reporter on this story: Alaric Nightingale in London at email@example.com
To contact the editor responsible for this story: Alaric Nightingale at firstname.lastname@example.org