Oil tanker owners and shipbrokers are set to suffer longer than expected from the massive OPEC+ production cuts after the coalition surprised the oil and tanker markets on Thursday by deciding to keep oil production flat in April. The cuts from the OPEC+ group were already hurting the oil tanker market at the start of this year amid reduced availability of seaborne shipments from the world’s top oil exporter, Saudi Arabia, and a rising number of oil tankers available on the market after months of serving as floating storage. As early as in January, the cuts and the oversupply of tankers had hit the earnings of supertanker owners so much that some were losing money on shipping crude from the Arab Gulf to China, shipbrokers and analysts told Bloomberg at the time. Saudi Arabia’s surprise announcement in January that it would cut an additional 1 million barrels per day […]