If declining oil demand should translate into lower crude production, Saudi Arabia is not getting the message.

As the kingdom continues to pump oil into the market, tanker owners may be spared — for now — from what is often a correlation between oil demand and shipping demand, analysts say.

After dipping below $90 per barrel this month for the first time since 2010, the benchmark Brent oil price has struggled to find a floor — a fact that is putting heavy weight on tanker stocks.