OPEC+ members confirmed last week that they would continue to unwind production cuts, adding new volumes to the market. Additionally, Iraq and the Kurdish regional government reached an agreement to restart pipeline exports through Turkey, restoring roughly 230,000 barrels per day that had been offline since 2023. 

These changes are expected to support tanker demand, as both additional volumes and longer-haul voyages contribute to higher vessel utilisation and firm employment across the crude fleet.