Tanker market's course to be determined by demand, not supply.

OPEC's decision to move ahead with significant oil production cuts, will add pressure to the tanker market as well. However, according to shipbroker, any downward pressure will likely be a product of lower demand, rather than supply. In its latest weekly report, shipbroker said that "last week, OPEC+ agreed to make production cuts of 2 mbd for the next 14 months from November 2022 to December 2023, representing a 2 percent reduction in global oil supply. This stemmed from a concern that the oil market is now out of balance which has put downward pressure on oil prices. Meanwhile a stronger dollar and a deteriorating economic outlook are impacting the demand outlook and thus reinforcing the pressure on...