Oil Tanker Titans to Get Little Joy From OPEC+ Opening the Taps
- Supply increase will provide short reprieve for ship operators
- Floating inventories are unwinding, freeing up ships for hire
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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.