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Morgan Stanley: OPEC deal will have limited effect on tanker boom

It could have a big impact on the tanker market if the oil-exporting nations agree on an output cut Thursday. But it will take some time before the effect emerges. Activity has gone down, but rates remain at a historic high.

Photo: PR / Euronav

The meeting on Thursday between OPEC and several other oil-producing nations will have a big impact on the tanker market, which is one of the few sectors that has yet to suffer from the coronavirus outbreak.

On the contrary, the price war between Saudi Arabia and Russia and the increased oil output have made rates for both crude oil and product tankers soar to record highs, of more than USD 200,000 per day for a crude oil tanker. For product tankers, spot rates are above USD 60,000 per day.

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