Commodities
Oil Tanker Rates Plunge as OPEC+ Cuts Curb Vessel Demand
- Saudi Arabia, Russia to extend supply curbs into September
- Rates for mid-size Aframaxes near lowest in more than a year
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Oil supply cuts by some of the world’s top producers are curbing the need for tankers, leading to a decline in the cost of hauling crude around the world.
Shipping rates for vessels from mid-sized Aframaxes to supertankers have eased in recent months. The move coincides with Saudi Arabia’s production cuts and Russia’s export curbs, both of which are set to run into September.