High compliance with OPEC cuts has robbed the VLCC market of its typical pre-Christmas rally, a leading researcher says.

Spot rates for VLCCs slumped to $8,322 per day at the end of last week, according to Clarksons, down almost 40% from the previous week.

Ole-Rikard Hammer, senior analyst oil and tanker markets at Arctic Securities, says nations are sticking to output levels required by OPEC with output showing a further fall in November.