OPEC Oil Output Cuts: Potential Tanker Market Impact

摘要

In early April, OPEC announced a surprise 1.16m bpd cut to oil output, in addition to existing curbs of 2m bpd in place since last November. These latest cuts from some of OPEC’s major producers, reportedly aimed at supporting the stability of the oil market, are due to remain in place until end 2023. Here we review the potential impact on seaborne crude trade and the crude tanker market.