Oil Supertanker Bookings Rise
Posted: Sun 17 Jul 2005, 01:29:59
Shipping rates double as OPEC pumps more oil?
Oil Supertanker Bookings Rise to Year High in July
Here comes the heavy sour crude!
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Oil Supertanker Bookings Rise to Year High in July
Shipping rates to Asia have doubled in the past three weeks after the Organization of Petroleum Exporting Countries, which pumps about 40 percent of the world's oil, last month agreed to raise daily production quotas by 500,000 barrels to 28 million barrels. OPEC raised quotas July 1 in a bid to lower record oil prices that threatened global economic growth.
The bookings are ``clear evidence that OPEC's sailings have gone up, even by more than the 500,000 barrel-a-day increase they pledged,'' said Roy Mason, the founder of consulting company Oil Movements, based in Halifax in Britain. ``Normally bookings reach a trough during this time of the year.'' ..Freight rates to the U.S. Gulf Coast have climbed by two- thirds in just over three weeks. .
Here comes the heavy sour crude!
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