The volume of cargo transported by tanker posted better development than the
bulk cargo segment, at least in 2015. According to figures from UNCTAD, the
movement of goods in the tanker segments (crude oil, oil products and gas)
increased by 3.7% last year (2014: -1.7%), in line with global demand for oil.
Worldwide consumption of oil, the leading commodity transported by tanker,
rose by almost 2% in 2015, according to BP. Furthermore, OPEC has published
figures on the global export and import of crude oil indicating that total crude oil
exports and imports grew by 3.3% in 2015, following declines of 3% and 0.7% in
2013 and 2014 respectively.
One main reason for the increase in 2015 was the
low price of crude oil due to significant oversupply on the global oil market
resulting from factors including intense drilling and production activity in OPEC
member states and other oil-exporting countries, unconventional sources in the
US and the return of certain suppliers to the market, such as Iran.