The oil tanker industry faces brighter prospects in the coming months with more crude sets to arrive on the international markets, according to the Nordic American Tankers.

In its second-quarter update, tanker operator Nordic American Tankers said that “Demand for oil is going up. OPEC is raising its output.”

“Current high oil, gas, and electricity prices, even long before the winter has arrived, is a sign of an energy chain in need for more. With an abundance of spare capacity of oil in the world, we believe it is just a question of time before even more oil will hit the world markets, and our tankers,” Nordic American Tankers said today.

While tanker owners and operators enjoyed rather good tanker rates in the first half of last year, rates have been down so far this year, as the OPEC+ group continued to withhold a large amount of crude from the markets.

Although the second quarter of 2021 has been challenging, “All around the world we see evidence of a growing demand for oil,” the tanker operator said.

In the long term, oil demand will still be a key pillar of global economy. According to Nordic American Tankers, which said that “The world will continue to need oil”. Moreover, they said, “It has still not come up with a realistic alternative to this versatile and valuable raw material.”

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Source: Oil Price

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