DNB Markets expects a significant decline in the price of oil in 2014, according to a new report by the major Norwegian bank. Increasing oil supplies from non-OPEC countries, in particular, could push down the price.
BY JAKOB VESTERAGER
In a new report about the 2014 oil market DNB points to good news for shipowners tired of towering fuel prices. The analysts expect a significantly lower average oil price in 2014 than in 2013.
The EU’s import ban on Russian oil will create ”imbalance” and ”spikes” in the bunker market, with disruptions seen lasting for ”at least the whole of 2023,” says Anders Grønborg, new chief exec of KPI Oceanconnect.