Strong compliance with OPEC production cuts is percolating through to the VLCC charter market with fixture volumes and rates reducing, analysts say.

The February cycle has seen around 700,000 barrels per day shipped out of the Middle East Gulf on VLCCs, with the 112 fixtures recorded down 8% on the previous month, Credit-Suisse says.

Analyst Greg Lewis notes industry figures suggest 90% compliance with the cartel’s reduced quotas, with shipment statistics indicating a lower 70% figure.

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