DNB: Saudi export boom confirms product tanker upturn

The export of refined oil products from Saudi Arabia is up 18 percent in 2015. A sign of a long-term structural growth in product tanker, says DNB Markets.

Saudi Arabia's export of oil products has increased 18 percent in 2015. According to Norway's DNB Bank, this development represents yet another confirmation of the long-term growth potential faced by the product tanker sektor.

"To us this lends support to our belief that Saudi Arabia’s exports of refined products will continue to increase, and with start-up of Saudi Aramco’s (Saudi Arabia's oil company -ed.) 400k bpd Jazan project in 2018 we expect another leap in Saudi’s product export," notes DNB in a market report on Tuesday.

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