• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry
ING Chief Economist Calls for Further Rate Cuts in China

ING Chief Economist Calls for Further Rate Cuts in China

China's consumer inflation was lower…

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Geopolitical tensions and tighter supply…

World’s Second-Largest Container Carrier Sees Global Trade Slowing

Europe is nearing a recession, and the U.S. may be right on its heels, the world’s second-largest container carrier told Bloomberg TV on Wednesday.

Recession fears have put a cap on oil prices as analysts mull just how deeply a recession would cut into the demand for the commodity that is stealing the political limelight in Russia, OPEC countries, and the United States.

And A.P. Moller-Maersk A/S—which controls one-sixth of the world’s container trade—sees global trade slowing between 2% and 4% in a stark warning for not just the container industry but the oil and gas industry as well. A recession, according to Moller-Maersk, is a near certainty in Europe, thanks in no small part to the war in Ukraine and the looming energy crisis.

“It’s really hard to be very optimistic with a war on our doorstep and a bigger energy crisis this winter so that is impacting consumer confidence and therefore also demand,” Maersk CEO Soren Skou said in an interview on Bloomberg Television, adding that global trade was moving backward.

“It’s quite likely that we either are or will soon be in a recession, certainly in Europe but potentially also in the US.”

Moller-Maersk’s share prices dropped in early trading on the publication of the gloomy forecast that sees “plenty of dark clouds on the horizon,” its Q3 earnings report read.

Moller-Maersk sees the global container market broadly flat to negative next year, skewed to the downside. “We will see where this lands or normalizes.”

Maersk’s Q3 EBITA rose to $9.48 billion, beating analyst estimates.


The crude oil market has been nervous about a recession, keeping a lid on oil prices even after OPEC cut its production targets by 2 million bpd, which begins today.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News