16 August 2012
Overall annual oil demand growth in 2012 is now expected to come in at 0.9% by the IEA (+800,000 barrels per day), close to last year’s 0.8%, which was a 10-year low (excluding the contracting years of 2008/2009). The rise is exclusively originating from non-OECD countries. The outlook was modestly curtailed by early July on the back of the weaker global economic situation. This translates into a rather slim fundamental support to the tanker segment, but fortunately tanker shipping is so much more than overall oil demand.