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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC seen cutting by Morgan Stanley as tanker charters slump

Posted on 20 February 2013

OPEC may be extending the longest stretch of production cuts since the 2009 global recession as fewer oil tankers are booked to ship Middle East crude to Asia, according to Morgan Stanley.
Hiring of supertankers from the world’s largest export region slumped 33 percent from a year ago, Fotis Giannakoulis, a New York-based analyst at the investment bank, said in an e- mailed report today. The 12 members of the Organization of Petroleum Exporting Countries already cut output for five months, most recently by 1.7 percent to 30.5 million barrels a day in January, estimates compiled by Bloomberg show……………………………………Full Article: Source


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