Seatrade Maritime News: Oil prices plunge further on Trump’s tariffs and an OPEC+ supply boost

April 7, 2025 In its weekly Tanker Opinion, Poten & Partners point out that crude oil shipped from the eight OPEC+ members which agreed to the voluntary cuts in November 2023 – Saudi Arabia (1m b/d), Russia (500,000b/d), Iraq (223,000b/d), UAE (163,000b/d), Kuwait (135,000b/d), Kazakhstan(82,000b/d), Algeria (51,000b/d) and Oman (42,000b/d) – is shipped on VLCCs, 66%, Suezmaxex, 18%, and Aframaxes 15%. Another potential boost to the mainstream tanker market could come from the fact that the price of Russian Urals crude is now below the price cap, Poten said. This market, therefore, is now open to mainstream tanker owners, with their ships replacing ‘dark fleet’ tankers.

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