The cost of shipping oil around the world is sliding as sweeping output cuts by crude producers reduce competition for hiring tankers.

Charter prices for vessels that transport crude oil have dropped 77% from their March peak, which came during a short-lived battle for a greater share of the oil market between Saudi Arabia and Russia. On Thursday, it cost around $59,000 a day to charter a very large crude carrier, or VLCC, a kind of tanker that can hold two million barrels of crude, according to Norwegian bank Clarksons Platou…

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