A Need for Renewal
Against the backdrop of escalating environmental pressure and a political focus on developing renewable energy in recent years, we also see increasing warnings from oil producers and industry veterans that significant new investment in global upstream oil and gas development is needed by 2030 to meet market needs and to prevent a supply shortfall, even if demand growth slows toward a plateau in the longer term. For those in the tanker market, a similar trend has been in the making.
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