Oversuppply of vessels has negatively affected the very large crude carrier (VLCC) market which remained weak in August, according to a report.

VLCC spot freight rates were 4% higher in August compared to July but were 48% lower compared to the same month in 2008, the Organisation of the Petroleum Exporting Countries (OPEC) reported.

According to OPEC’s monthly oil market report, steady markets in West Africa and Middle East have helped the VLCC market gain 4% in August.