Tanker rates tipped to rise alongside temperatures as Opec supercharges production

Opec’s decision to throw open the taps this weekend may flip the script for tankers.

The bloc decided over the weekend that it would push forward with its accelerated production hikes in June, a move analysts said would boost tanker rates in the typically weak summer season, with the largest vessels leading the way.

VLCC owners cashing in as China stocking up on oil

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“We estimate it takes 3 months for VLCC rates to reflect supply and demand changes fully,” said Jefferies analyst Omar Nokta.