Bloomberg: OPEC Export Cuts May Spur Demand For Oil Tankers

“In this Bloomberg article, Poten & Partners report that “OPEC’s plans to trim production by 1.2 million barrels a day may increase demand for oil-tankers as consuming countries are forced to import from further away”. Poten also goes on to say that “OPEC’s decision, which has weakened the cost of hiring oil supertankers from the Persian Gulf by as much as 34 percent this month, may benefit rates as consuming countries draw cargoes from other suppliers to plug the oil deficit.”