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Crude oil tankers came to the rescue early in the COVID-19 pandemic by acting as floating storage tanks. Saudi Arabia and Russia increased crude oil production in early 2020, launching a price war that ran through April while the pandemic was spreading. Each agreed to a cut in production, and “OPEC+” members are continuing with various cuts in month-to-month...
https://www.freightwaves.com/news/commentary-crude-oil-tankers-on-hold