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OPEC collapse is best possible news for tankers

Despite analyst and market expectations to the contrary, the OPEC meeting in Doha ended fruitless after countries failed to make a deal to freeze the output. The best possible situation for tanker carriers, says international maritime association Bimco.

Photo: DHT

On Monday morning the price of crude oil fell to USD 40.87 per barrel, down 5.2 percent from Friday's price of USD 43.10 at market close.

"We transport volumes. Not prices. The more producers are interested in shipping out, the better for tankers," says Peter Sand, Chief Analyst with a key focus on shipping at international shipping association Bimco.

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