Over the last few days, OPEC+ countries have agreed to boost their oil production to 411,000 barrels a day in June. This is the second consecutive increase after the 411,000 barrels/day one scheduled for May.
The OPEC+ decision will certainly benefit the large oil tankers. The greater demand for crude oil could result in a significant increase in cargo volumes, around +6/7% according to certain market analysts.
There are those who point out that the recent drop in oil prices (almost -20% since 1st April) has flattened the oil futures curve. This could prompt traders to rush to stockpile again in anticipation of a new improvement in the market scenario.
The floating storage trend could therefore fuel demand for VLCCs and favour an upturn in freight rates.
Translation by Giles Foster
