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Petroleum Devolopments
20
Volume
44
Issue
3
Freight rates for Petroleum Products across Mediterranean [for tanker size 30-
35 thousand deadweight tons (dwt)], decreased by 13 points, or 6.6% to reach
184 points on WS, and freight rates for petroleum products [for tanker size 30-35
thousand deadweight tons (dwt)], leaving Mediterranean to North-West Europe
decreased by 13 points, or 6.3% to reach 194 points on WS.
Figure (5)
shows the freight rates for oil products to all three destinations from
January 2017 to January 2018.
Figure - 5
Monthly Spot Product Tanker Freight Rates, 2017 -2018
(World Scale)
Table (5)
and
(6)
in the annex show crude and products Tankers Freight Rates,
2016-2018.
2.Supply and Demand
Preliminary estimates in January 2018 show a decrease in world oil demand
by 0.3% or 0.3 million b/d, comparing with the previous month level to reach 98.6
million b/d, representing an increase of 2.4 million b/d from their last year level.
Demand in OECD countries decreased by 1.8% or 0.8 million b/d comparing with
their previous month level to reach 47.1 million b/d, representing an increase of
1.1 million b/d from their last year level. Whereas demand in Non-OECD countries
increased by 1.1% or 0.6 million b/d comparing with their previous month level to
reach 51.6 million b/d, representing an increase of 1.4 million b/d from their last
year level.