According to Gibson Shipbrokers, OPEC+ announced the expansion of their product cuts for additional nine months until the end of the first quarter of 2020. Yet, the OPEC cuts are a negative development concerning Middle East’s tanker market, mostly affecting VLCCs.
Specifically, according to the report, in Q4 of 2018, almost 68% of all spot VLCC trade originated out of the Middle East Gulf and Red Sea, compared to 14% out of West Africa and nearly 15% out of the US Gulf and Latin America.
Based...
https://safety4sea.com/opec-cuts-affect-middle-easts-tanker-market/