Weak Oil Demand Set To Keep Crude Tanker Rates Low

Crude oil tanker rates—which fell in September to their lowest since 2003 on the key route from the Arabian Gulf to Asia—are expected to remain low until global oil demand increases, the U.S. Energy Information Administration (EIA) said on Wednesday.   Earlier this year, between March and May, crude oil tanker rates spiked as refiners rushed to snap up cheap oil cargoes when prices were in the teens, while demand for floating storage soared amid crashing demand for fuels in the pandemic.  In the brief Saudi-Russian price war…