Ton-mile Demand For Oil Tankers Plunge Due To OPEC Restrictions

Ton-mile demand, a proxy for demand for oil tankers has slumped by 18.6 percent.
It has dropped to a three-decade low.
Exports were drastically cut as part of the OPEC+ deal.
It is the steepest fall since the coronavirus started to impact global oil markets.
Demand for tankers will be equally depressed in August due to COVID-19.
Saudi Arabia refrains from rushing into ramping up crude oil exports.

According to an article published in Oil Price, ton-mile demand, a proxy for demand for oil...