Seaborne trade in crude oil will decline 1.3 percent this year, led by shrinking supplies from the Persian Gulf, according to Maritime Strategies International Ltd., a London-based freight forecaster.
Imports to the U.S., the world’s largest buyer of overseas crudes, are being curbed by rising domestic oil production, Maritime Strategies said in a Feb. 11 report. Rates for the largest tankers won’t significantly recover from a slump unless there’s “much more scrapping,” the forecaster said.
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