Bulls keep an eye on growing demand for petroleum transportation by tankers. This way of shipping is gaining in popularity that suggests that crude oil is about to finish its rally. The cost of this service rose by 57 % by the end of May. Thus, OPEC has about 500 million barrels of crude oil being transferred to its consumers at the moment. Analysts state that another 20 million barrels are also stored in tankers. Even with a decline in the US oil inventories and decreasing number of drilling rigs, the industry still has enough oil in storage to keep transportation companies busy. The demand for tanker transport services is steadily growing, especially amid Iraq’s intention to increase its crude oil exports. Additionally, tankers are used as storage containers. Suppliers who sell one-year oil futures usually store oil on boats during this period. The difference in prices covers storage rental expenses and ensures profit in most cases. So, the ongoing situation on the global crude market stimulates the development of tanker rental service after the period of stagnation owing to weak demand.
