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

Our winners in pictures thumbnail image

Our winners in pictures

October 17 - Congratulations to all of the winners of the inaugural Heavy Lift Awards 2019!
Views: 130
Rotterdam strengthens presence in India thumbnail image

Rotterdam strengthens presence in India

October 17 - The port of Rotterdam has appointed Broekman Logistics India as its representative team in the country, as the port looks to strengthen its activities in the region.
Views: 102
MSC rules out NSR thumbnail image

MSC rules out NSR

October 17 - MSC Mediterranean Shipping Company has confirmed that it will not explore the use of the Northern Sea Route (NSR) for container shipping between Europe and Asia.
Views: 110
Winners revealed at Heavy Lift Awards thumbnail image

Winners revealed at Heavy Lift Awards

October 16 - Almost 400 guests gathered at the inaugural Heavy Lift Awards ceremony last night at the Hilton Old Town hotel in Antwerp to celebrate the achievements of the heavy lift, specialised transport and project logistics sector.
Views: 1338

Heavy Lift Across The World

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