VLCC rates under pressure as Saudi Arabia slashes exports
New data from Vortexa shows VLCC utilisation for OPEC+ – excluding Iran and Venezuela – fell sharply during June and reached a record low earlier this month, as exports from the group, especially Saudi Arabia, fell sharply. “The lack of sizeable alternative routes for VLCC flows, i.e. outside of OPEC+ (mostly Middle East) to Asia, …
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