With crude prices softening further in June charterers already had leverage to push down rates before taking the severe over supply of tonnage into consideration as public holidays worldwide slowed business. Brent crude dropped below $90/bbl mid-June for the first time in 18 months and despite a surge at the end of the month, crude futures posted their biggest quarterly declines since the 4qO8 due to weak demand, ample supply and economic concerns. However, prices gained support in the final week of June as industrial action by Norwegian oil workers shut-in up to 250 kb/d of North Sea crude output. With Iranian sanctions in force from the start of July, volumes from the country have been cut. The country was producing about 3.3mb/d in May and the full sanctions are expected to remove about 1 mb/d during the 2h12 as buyers disappear and Iranian storage tanks become full.
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