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Soaring activity in tanker market casts doubt on OPEC deal

The volumes of crude oil out of the Middle East along with higher tanker rates over the past week seem to confirm the OPEC members' poor commitment to their output cap agreement, notes Morgan Stanley.

Photo: BW Group

Large volumes of crude oil and higher rates for supertankers, as well as the smaller Suezmax vessels, out of the Middle East prompts Morgan Stanley to once again cast severe doubt on whether the agreement among the petroleum exporting nations in OPEC will be met.

"The rising Middle East shipments bring up again the poor compliance of OPEC producers with the announced production cuts that were implemented this year," writes Morgan Stanley in an update Monday.

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