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Crude oil tanker rates are likely to remain low until global petroleum demand increases

In March and April 2020, reduced demand for crude oil and petroleum products in response to COVID-19 mitigation efforts led to a sharp increase in global crude oil inventories. As onshore inventories increased, market participants turned to using oil tankers to store oil, which is typically more expensive than onshore storage.

source https://www.eia.gov/todayinenergy/detail.php?id=45656

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