Tanker owners are facing a weak summer market amid accelerating oil destocking as Opec and its Russia-led allies agree to extend a historic supply reduction.
Over the weekend, Opec and its Russia-led allies signed up for a one-month cut of 9.6m barrels per day (bpd) in July despite the withdrawal of Mexico from an earlier deal.
The news points to lower tanker demand in the near term, with refiners expected to draw down their inventories due to tight oil supply, according to analysts.
