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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.

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