16 / 28
Petroleum Devolopments
16
Volume
44
Issue
7
Freight rates for Petroleum Products across Mediterranean [for tanker size
30-35 thousand deadweight tons (dwt)], increased by 3 points, or 2.2% to reach
141 points on WS, and freight rates for petroleum products [for tanker size 30-35
thousand deadweight tons (dwt)], leaving Mediterranean to North-West Europe
increased by 6 points, or 4.1% to reach 151 points on WS.
Figure (5)
shows the freight rates for oil products to all three destinations from
May 2017 to May 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 May 2018 show an increase 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 0.7 million b/d from their last year level.
Demand in OECD countries increased by 1.1% or 0.5 million b/d comparing with
their previous month level to reach 47.1 million b/d, the same previous month level.
Whereas demand in Non-OECD countries decreased by 0.4% or 0.2 million b/d
comparing with their previous month level to reach 51.5 million b/d, representing
an increase of 0.7 million b/d from their last year level.