By Andrew Lansdale, Special to Gulf News
Many commentators in the tanker market were taken by surprise by the Opec decisions last week. The meeting in Algeria urged member states to stick to their production quotas, maintain the production ceiling at 24.5 million barrels per day (bpd), but to reduce this ceiling by one million barrels per day from April 1.
It was agreed that remedial supply responses were needed to maintain the market balance and avert downward pressure on oil prices
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