“In classic Murphy’s Law fashion, shipping seems prone to misfortune,” lamented Stifel analyst Ben Nolan in the wake of Sunday’s surprise OPEC+ production cuts. “Things could not have been going more right for the tanker market” until OPEC+ gave tanker owners and investors a “poke in the eye.”
“OPEC+ blindsided oil and tanker markets,” said ship brokerage BRS.
OPEC+ countries, led by Saudi Arabia, agreed to cut production by 1.6 million barrels per day (b/d) starting in May. Analysts say actual...
https://www.freightwaves.com/news/opec-throws-tanker-shipping-a-curveball-shaking-confidence