Oil trade forecast

China and India will account for about 35% of global oil trade in the next 10 to 15 years, despite China’s commitment to increasing the use of clean power and renewable energy. Harald Lone, chairman and chief executive officer of Newport Shipping Group, made the forecast during a round-table discussion marking the opening of Riviera Maritime’s Tanker Shipping & Trade 2014 conference. With imports of crude oil to the US in decline as the country develops its shale oil and gas reserves, China and India will become “very important” to the crude oil markets, said Lone.