VLCC market braces for uncertain winter on shock OPEC+ output cut

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Despite signs of improvement in freight rates out of the Persian Gulf, the VLCC market looks headed for an uncertain winter as the larger-than-expected production cut by a coalition of OPEC and other oil producers could spell fewer crude shipments from the Middle East. The 2 million b/day cut by OPEC+ to shore up crude oil prices, compared to the…