Project Description
The oil price continued to fall in November to around the $80 per barrel mark. The decline started in June and proceeded all the way through to December. Demand in China appears to have risen with November imports rising to 46.3 million tonnes. This is the highest volume since January 2022.
China has also imported a substantial increase in LNG in November at 6.4 million tonnes. This is approximately 20% increase compare to the rest of the year. The deviation of cargo from Europe is understandable given the mild European winter.
VLCC utilisation hit its highest level in December for 3 years at 91% while Suezmax utilisation has been falling since the middle of the year and is now at 87%.