Latest news from Heavy Lift & Project Forwarding International Magazine

Slower growth hits oil markets

World trade growth has fallen back to its slowest pace since the financial crisis ten years ago and the consequences for oil demand are becoming apparent, according to the International Energy Agency (IEA).

Photo credit: Abu Dhabi National Oil Company (ADNOC).

In its outlook for 2020 the IEA explained that volatility has once again returned to oil markets, with Brent prices falling to USD60 per barrel in late May. While concerns over supply have shaped the market for most of 2019 so far, the focus is shifting as economic sentiment weakens.

The IEA said that a number of factors are contributing to sliding demand in Organisation for Economic Co-operation and Development (OECD) countries, including a slowdown in the petrochemicals industry in Europe and tepid demand for gasoline and diesel in the USA. The worsening trade outlook, however, was a common theme across all regions.

On the other hand, non-OECD countries saw demand rise and, at least for now, there is optimism that the latter part of this year will see an improved economic picture. This will be welcome news for the pipeline of projects that depend on stability in the oil market.

Heavy Lift | News

Sims Crane appoints Lester thumbnail image

Sims Crane appoints Lester

July 19 - Florida’s Sims Crane & Equipment has named Jared Lester as its business development manager. 
Views: 370
ITI and FHS to open Florida training centre thumbnail image

ITI and FHS to open Florida training centre

July 19 - Florida Handling Systems (FHS), a Mazzella Company, and Industrial Training International (ITI) have confirmed that they will develop a training centre in Bartow, Florida.
Views: 404

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.