OPEC+ deal shocker will prolong bloodletting for crude tankers

OPEC decision bad for tankers

The day before the surprise OPEC+ crude-production decision, Lars Barstad, interim CEO of tanker owner Frontline (NYSE: FRO), pointed to estimates that up to 1.5 million barrels per day (b/d) of output might return. If so, that could lead tanker markets “to tighten up quickly” and “be a trigger to sentiment … and give owners the gumption to say, ‘Rates are negative so I’m going to hold back.’”

Barstad was addressing the virtual Annual Capital Link International Shipping Forum, along with other...

https://www.freightwaves.com/news/opec-deal-shocker-will-prolong-crude-tanker-bloodletting

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