Persian Gulf Tanker Supply Falls as Demand Gains
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A surplus of supertankers competing for 2 million-barrel cargoes of Middle East oil shrank, nearing parity with likely cargoes as demand to collect the region’s crude strengthens.
There are 7 percent more very large crude carriers, or VLCCs, for hire over the next 30 days than there are likely cargoes, according to the median estimate of six shipbrokers and two owners surveyed today. That’s down from a 15 percent excess on Feb. 9.