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Oil cuts to balance market, analysts say

With the Organisation of the Petroleum Exporting Countries agreeing to an overall cut of 1.2m barrels per day, analysts believe this will balance out the market. The effect on tankers however will be muted as the US increases exports to make up for part of the shortfall

The agreed cut equates to 36 very large crude carriers, or 2.5% of the global crude tanker market, said Jefferies

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