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Petroleum Devolopments
22
Volume
45
Issue
3
And Freight rates for Petroleum Products across Mediterranean [for tanker
size 30-35 thousand deadweight tons (dwt)], decreased by 46 points, or 20.6%
comparing with previous month to reach 177 points on WS, freight rates for
petroleum products [for tanker size 30-35 thousand deadweight tons (dwt)], leaving
Mediterranean to North-West Europe decreased by 46 points, or 19.7% comparing
with previous month to reach 187 points on the World Scale (WS).
Figure (5)
shows the freight rates for oil products to all three destinations from
January 2018 to January 2019.
Figure - 5
Monthly Spot Product Tanker Freight Rates, 2018 -2019
(World Scale)
Table (5)
and
(6)
in the annex show crude and products Tankers Freight Rates,
2017-2019.
2.Supply and Demand
Preliminary estimates in January 2019 show a decrease in world oil demand by 0.6%
or 0.6 million b/d, comparing with the previous month level to reach 99.8 million b/d,
representing an increase of 1 million b/d from their last year level.
Demand in OECD countries decreased by 2.5% or 1.2 million b/d, comparing with the
previous month level to reach 47.4 million b/d, representing an increase of 0.2 million b/d
from their last year level. Whereas demand in Non-OECD countries increased by 1.4% or 0.7
million b/d comparing with their previous month level to reach 52.5 million b/d, representing
an increase of 0.9 million b/d from their last year level.