Business of Shipping: What’s Happening with VLCC Storage?

gCaptain | Moderate production cuts announced Sunday by the world’s major crude oil producers should reduce what has been the critical need for floating storage used to warehouse excess production, and ease charter rates for storage vessels. On Sunday, Saudi Arabia, Russia, and 21 other oil producing nations agreed to reduce production by 9.7 million barrels per day starting in May. That will be followed by smaller, scheduled production cuts running through April 2022.

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