The US Energy Information Administration (EIA) is predicting crude oil prices will moderate this year as inventory restocking picks up, in a positive sign for tankers.
The government-backed analysts said the 1.4m barrel per day average withdrawal from global petroleum inventories last year pushed crude oil prices up.
"These inventory draws resulted from petroleum consumption returning faster than petroleum production after the Covid-19 pandemic began in 2020," the EIA said in a note published on Wednesday.
