Supertanker Rates Crash 75% After OPEC+ Cuts Oil Supply To Markets

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year.    Daily rates on the Middle East to China route for the very large crude carriers (VLCC) capable of shipping up to 2 million barrels of oil have crashed from nearly $100,000 per charter day in March to just $24,000 a day at the end of last week, per data from the Baltic Exchange cited by Bloomberg. The key reason for the…