Fitch Ratings said on Tuesday that global oil volumes are unlikely to change quickly due to the situation in Venezuela, predicting that any potential increase in output in the country will take “quite a long time.” Meanwhile, the agency said that a drop in Iran’s exports due to widespread anti-government protests could affect the volume of transports, although Iran is already under sanctions and already mostly uses a shadow fleet.
Fitch said that the redirection of Venezuelan oil could result in an increase in tanker rates in the near to medium term “due to a shift to the mainstream fleet from shadow tankers.” It also saw the possibility of downside risks for tanker rates if shipping is resumed through the Suez Canal or if global economic growth weakens.