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Opec deal will create new reality for tanker carriers

Following the deal with Opec+, tanker shipping lines will have to prepare for a new reality in the second half of the year, which will be different than the current booming markets. Euronav points out the reduction is low compared to the consumption decline, which is good for carriers.

Photo: Bloomberg/Bloomberg

Sunday's deal between the oil-exporting countries and their allies could entail a considerable change in the booming market that tanker CEOs have otherwise gotten used to recently.

In particular, the upswing will be replaced by more reflective attitudes after summer. In any case, several analysts hold that the Opec+ deal to cut oil output and reduce supply by 9.7 million barrels per day will have significant influence on the tanker market in the second half of 2020.

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