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Market news

OPEC+ increases its oil production 

OPEC+ increases its oil production

Output set to rise in April, boosting tanker demand

OPEC+ has been limiting oil production since 2022 to stabilize prices, cutting output by 2.2 million barrels per day (bpd). The group has confirmed a 138,000 bpd production increase in April, its first step toward gradually unwinding these cuts. This decision follows pressure from President Trump to lower oil prices amid geopolitical uncertainty. The above relatively small increase corresponds to an additional demand of approximately 5 Suezmax tankers, highlighting the great potential if the entire production cut of 2,2 mbd is unwinded.

Rise in earnings expected for the months ahead
Higher production means more crude exports for the tanker market. This increases demand for tanker vessels, mainly VLCC’s and Suezmaxes, which transport oil on long-haul routes. With fleet growth limited, more cargo on the water could push rates higher.

As OPEC+ slowly restores supply, rising Atlantic Basin crude exports and longer trade routes are expected to reinforce tanker earnings in the coming months.

Source: Reuters

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