Oil tankers go slow on global supply glut

The world’s biggest oil companies are asking tanker operators to slow down delivery of crude amid an ever- expanding supply glut on land, Europe’s largest owner of supertankers said.

Tankers hauling 2m-barrel cargoes are delivering them at speeds of about 13 knots, compared with a maximum of 15, Paddy Rodgers, chief executive officer of Antwerp-based Euronav, has said.

The slower speeds might result in a voyage that would normally take 40 days instead lasting 48.