Thu, 16 Apr 2020 21:00:57 +0000
The recent cut in oil production by OPEC and its non-OPEC allies (OPEC+) is insufficient to balance the oil market, considering a sharp decline of 23 mbpd in demand in 2Q20 because of the COVID-19 outbreak. OPEC+ has finally managed to reach a historic agreement to cut production by 9.7 mbpd in May-June 2020. The …
Full article: https://www.hellenicshippingnews.com/tanker-rates-will-hit-the-roof-if-producers-outside-opec-fail-to-curb-output-in-2q20/