Crude tanker market hit hard by OPEC’s output cut

VesselThe predicted influx of new tonnage, combined with the Organisation of the Petroleum Exporting Countries’ (OPEC) production cap and lower levels of refinery throughput are hitting hard on the crude tanker vessel market.Latest report by Maritime Strategies International (MSI), said the crude tanker market is set to go through a testing time over the next six months, and perhaps longer, if OPEC is successful in extending production cuts beyond the first half of 2017.

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