Tanker market report dated 15 March 2019

Opec crude production fell by 240,000 b/d in February to 30.68 million b/d, its lowest level in 4 years. February numbers show a significant over compliance, with Saudi Arabia leading efforts to implement cuts with a 153% compliance rate, some 170,000 b/d already below their overall target. Iraq and Saudi Arabia alone contributed 170,000 b/d in additional cuts between them in February alone. However, having already cut production close to their original 2019 target, they may now be missing the opportunity to capture market share in the face of rising demand.

The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.

MEMBER SECTION

If you are a member, please login using the orange button at the top of the page to view the full article, or register.

If you are unsure of your membership, or wish to become a member, please contact membership@bimco.org.

BACK TO: Tanker market report dated 28 June 2019 NEXT: Tanker market report dated 8 March 2019

Posted: 18 March 2019

Latest tanker reports

Latest market analysis

ELSEWHERE ON BIMCO

Contracts & Clauses

All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.

Learn about your cargo

For general guidance and information on cargo-related queries.

Search cargo databases

More about cargo

BIMCO Publications

Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.

View all