Tanker tonne-mile picture shifts again with OPEC’s surprise cut
Source: https://splash247.com/tanker-tonne-mile-picture-shifts-again-with-opecs-surprise-cut/ The ever shifting seaborne oil map has received another jolt with OPEC+’s surprise 1m barrels per day output cut. The news comes as analysts had been talking up prospects for tanker tonne-mile growth. Analysts at Jefferies described the decision by the oil producing cartel to cut output from May as a negative development for VLCCs, though not a game-changer. “This aggressive cut will lead to a significant decline in oil stockpiles in just a few months, bolstering the oil market outlook,” Jefferies predicted. The OPEC+ news follows last month’s decision by Russia to slash output by 500,000 barrels a day. Regardless, tanker... View more
