Crude oil storage facilities on land and on water are filling fast amid ongoing overproduction of 10 million b/d, leaving the global tanker market to make up for excess supply. Receive daily email alerts, subscriber notes & personalize your experience. Register Now “Cuts are nowhere near enough to counter the 20 million b/d demand destruction,” Erik Broekhuizen, head of Tanker Research & Consulting at Poten & Partners said in a webinar Friday. Crude tanker rates are expected to remain strong until oil demand surpasses output and a destocking cycle begins, he explained. OPEC expects global oil pandemic demand destruction of 6.8 million b/d year on year in 2020 to 92.82 million b/d, with April seeing the largest downturn at about […]