Between A Rock And A Hard Place

May 31st 2024:OPEC(+) decisions becoming more difficult and less impactful This Sunday, June 2, the group of oil producing countries (OPEC+) will convene to discuss production volumes of the cartel going forward. As always, the meeting (via video conference, not in person) has three possible outcomes: further production cuts, maintaining the status quo or lifting output. While the tanker market, in particular the VLCC segment, would welcome a production increase, a decision to maintain the current production levels seems more likely. However, with OPEC, the situation is never as simple as it seems. In this weekly opinion we will discuss some of the complexities facing the cartel (some of which are self-inflicted) and how this may impact the tanker market going forward. Please fill in below form to continue read.