ShippingWatch

Oil tanker titans to get little joy from OPEC+ opening the taps

While announcements from OPEC+ about production increases would normally be cause for celebration at the world's shipping hubs, this is not the case in a market plagued by the coronavirus pandemic. The increased output could further undermine the tanker market, says analyst.

Photo: Todd Korol/Reuters/Ritzau Scanpix

At almost any other moment in history, the promise of oil producers pouring millions of barrels of crude to the global market would have been cause for celebration in the world's shipping hubs like Athens, Oslo and Tokyo. But Covid-19 means that this is a time like no other.

The Organization of Petroleum Exporting Countries and allied nations confirmed on Wednesday that they will aim to pump about 2 million barrels a day more crude in August.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

IKEA sustainability manager: Green solutions should not cost more

As a starting point, furniture giant Ikea won't accept that green solutions become more expensive than polluting solutions, says Elisabeth Munck af Rosenschöld, Global Sustainability Manager for Supply Chain Operations, to ShippingWatch. Ikea is part of an alliance of global companies that calls for green shipping by 2040.

Long Beach logjam of container vessels grows to 80

Bottlenecks at major US container ports in continue to grow, with the ports of Long Beach and Los Angeles being the worst hit at the moment. Here, 80 vessels are waiting to berth, according to new figures form Vessels Value.

Further reading

Related articles

Trial banner

Latest news

See all jobs