Middle East Economic Survey

VOL. XLVII

No 43

25-October-2004

SUPPLY/DEMAND

Tanker Shortage To Keep Freight Rates High In 2005, Says Société Générale

Besides a 34% rise in oil prices since the beginning of the year, consumers are also having to pay 21% more to transport their crude, according to Société Générale (SG). In the Weekly Oils report of 11 October, SG Economist Alexandre Kervinio writes: The soaring costs of transporting oil arise from three factors: a global economic recovery promoting...