The Organization of Petroleum Exporting Countries (Opec) and its Russia-led allies have reached an agreement to reduce oil output by 1.2 million barrels per day, which is expected to hurt crude tanker demand.
According to Upstream, a sister publication of TradeWinds, Opec will contribute 800,000 bpd to the cut while non-Opec producers will cover the rest.
The agreement, which came after two days of meetings in Vienna, is aimed at reducing a global oil supply glut that plagued crude futures markets.
