Monday, July 12, 2010
So gasoline prices should fall, don't you think?
Iran Cuts Crude Oil Stored in Tankers 40% Since Apri
Iran, the second-largest oil producer in the Middle East, released six supertankers from its fleet of vessels storing crude oil, a 40 percent reduction that may mean more oil heading to Europe, shipping tracking data show. The National Iranian Tanker Co. has nine supertankers stationed off the United Arab Emirates and its own coast, according to data from the ships collected by AISLive Ltd. and compiled by Bloomberg. That’s down from 15 of the vessels on April 27. The six tankers that have been released can hold about 12 million barrels of oil.
European refiners, ending seasonal maintenance shutdowns, will increase production 2.5 percent in the third quarter to 12.4 million barrels a day, according to an International Energy Agency report on June 10. Output in North America and parts of Asia will decline in the same period, according to the report.
“Storage is the safety valve that blows from time to time,” Anders Karlsen, a shipping analyst at Nordea Securities in Oslo, said by phone today. “It makes an impact most certainly” on the tanker market, he said.