OPEC+ shocked the market in early March by keeping production cuts in place. Definitely not what the tanker industry wanted to hear. In typical fashion, it was spun as good news for shipping: Spot-rate pressure would be even worse in the near term, but the pain would end quicker as oil inventories drew down faster.
OPEC+ surprised the market yet again in early April — this time by finally agreeing to increase production. This is what tanker owners had been hoping and expecting to hear four weeks...
https://s29755.pcdn.co/news/light-at-end-of-the-tunnel-for-battered-tanker-trade