Shipping rates for oil soaring
Monday, December 03, 2007
Shipping rates for wet cargo have “strengthened phenomenally” in recent weeks, especially in shipments designed for Asia, suggesting a big jump in
Part of the production hike reflects fields in the United Arab Emirates and Saudi Arabia coming on stream, as well as higher output from Iraqi, contends analyst Francisco Blanch.
He figures OPEC output will reach 32 million barrels a day by March, up from 30 million barrels last June, with non-OPEC production climbing by 1.1 million by March.
All of which could result in supply exceeding demand and prices coming down.
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