Opec's crude oil production fell 1 million barrels per day to 32 million barrels per day last month, the International Energy Agency (IEA) said in a report today. That equates to roughly 90% compliance with their plans to cut production.
The plans for Opec and 11 non-Opec producers to cut a total of 1.8 million barrels per day of production and swollen tanker supply are pushing down freight rates for dirty tankers.
