Poten's Weekly Opinion: Back to the Negotiating Table

Apr 15 2021


Would more Iranian crude exports help the tanker market?

OPEC+ has announced that it will gradually increase production from May through July of this year, potentially adding more than 2 million barrels per day (Mb/d) of crude to the market over this period. In theory, this should be good for the tanker market, because this oil will have to be moved somewhere. Despite concerns about continued high Covid-19 cases (and lockdowns) in Europe and a spike in cases in India and other parts of the developing world, OPEC+ seems to be confident that oil demand will continue to recover.

 

The news about the OPEC+ production increase was followed a week later by the announcement that the United States and Iran started indirect conversations (the parties are communicating through European intermediaries) in Vienna about reviving the 2015 Joint Comprehensive Plan Of Action (JCPOA), otherwise known as the Iran Nuclear Deal. A deal is by no means certain or imminent and negotiations will probably take a long time. However, even if the negotiations are successful, the impact on the tanker market is not clear-cut.

 

Download The Weekly Opinion

 



Related News

Oil tanker seized by U.S. authorities for illegal North Korean trade

(Apr 29 2021)

The U.S. government has seized an oil tanker for involvement in ship-to-ship (STS) cargo transfers with a sanctioned vessel and other sanctions evading activity.



Hess Corp profit tops estimate as tanker storage bet pays off

(Apr 29 2021)

Oil and gas producer Hess Corp posted a quarterly profit, more than double the Wall Street estimates, as its strategy to store oil during last year's downturn paid off.



Svanehøj wins major pump order for new Chinese MR tankers

(Apr 29 2021)

A significant expansion of the setup in China is showing results. In just a few months, Svanehøj has landed two major P&C pump orders in China.



"Record-weak tanker market" - Concordia's Interim Report Jan-March 2021

(Apr 29 2021)

Continuing large production cuts, stock reductions and consequences of the pandemic resulted in a record-weak market in the first quarter of 2021.



Free Vortexa webinar on changes to US oil product flows and impact on tankers

(Apr 29 2021)

Dirty or Clean: How is the US shaping trends in transatlantic flows in 2021?



April-May 2021

Safety risks from digitalisation and decarbonisation - seafarer mental health - ABS advice on ballast water systems