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Middle Eastern Tanker Surplus Widens

OIL

The Middle Eastern oil supertanker surplus compared to crude cargoes has been widening for the coming 30 days to 25% this week, compared with 17% a week ago, according to a median estimate of three market sources, cited by Bloomberg.

  • The surplus averaged 26% last year.
  • Latin American producers such as Brazil have been helping ton-mile demand, but this has been sufficient to compensate for the lack of Middle Eastern exports, one source said.
  • Spare vessel capacity has widened in the region after a low amount of Middle Eastern crude was released to the market for April 1-10 loading, the survey showed.
  • However, loadings could pick up later in the month, a source said.
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