Oil Tanker Rates Plunge More Than 50% As OPEC+ Cuts Start

The daily rate for chartering an oil tanker from Saudi Arabia to China has plunged by over 50 percent in one week to $100,000 as OPEC+ begins on Friday the collective cut to remove 9.7 million bpd from the oversupplied market, Bloomberg reports, citing the Baltic Exchange. Although tanker owners and operators will see reduced volumes of oil to transport from oil producers to oil-importing countries, the oil shipping industry expects its business to be supported through the end of the year by the most sought-after ‘commodity’ these…