OPEC+ extends production cuts until April 2025 as oil tanker rates and prices decline.

The VLCC market is declining, with rates falling in major routes such as Middle East Gulf to China and West Africa/China. OPEC+ will extend production cuts until at least April 2025, aiming to balance oil supply and demand. Fitch Ratings predicts moderate global oil demand growth and expects Brent prices around $70 per barrel in 2025, influenced by inventory levels and geopolitical factors.

4 months ago
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