Demand for crude oil from growing Asian economies over the next five years will have as profound an impact on the tanker trade as the Russian war, according to the International Energy Agency (IEA).
Growth in crude output in the US, the world’s biggest producer, will drive the seaborne oil transport market until 2028, with tankers heading east on long-haul voyages to satisfy the demands of Asian buyers.
The long-haul transport of oil will come at the same time as falling demand from Europe, where policymakers have a 2035 target to end the sale of new petrol and diesel-fuelled cars.