The largest oil supply cut in history has failed to shake the confidence of tanker players — at least not in this quarter.
After days of marathon talks, the Opec+ group finally settled on an output reduction of 9.7m barrels per day (bpd) for May and June, with Mexico allowed to have smaller cuts than initially demanded.
Some analysts also expect Brazil, Norway, Canada and the US to cut production by 5m bpd in the coming months due to weak oil prices, even though none of them made explicit reduction pledges at the G20 energy summit last week.
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