The daily rate for chartering an oil tanker from Saudi Arabia to China has plunged by over 50 percent in one week to $100,000 as OPEC+ begins on Friday the collective cut to remove 9.7 million bpd from the oversupplied market, Bloomberg reports , citing the Baltic Exchange. Although tanker owners and operators will see reduced volumes of oil to transport from oil producers to oil-importing countries, the oil shipping industry expects its business to be supported through the end of the year by the most sought-after ‘commodity’ these days—storage space. Floating storage around the world is at an all-time high as traders have been booking tankers to use as floating storage to take advantage of the contango market structure and sell the crude oil at a later date when prices are higher. According to shipping sources who spoke to Reuters , there were a record 160 million barrels […]