Tanker market players suggested a deeper production cut of the Opec and its Russia-led allies should be less worrisome to shipowners than the underlying reason for the reduction: lacklustre oil demand.
Fearing an oversupplied oil market, the 24 leading oil producers, together known as Opec+, agreed to deepen their existing 1.2m barrels per day (bpd) cut by another 500,000 bpd in the first quarter of 2020.
