Opec+’s surprise decision to cut oil production has hit the prospects of tanker companies with many US-listed owners seeing double-digit falls in their share prices on Monday.
Shares of Frontline, DHT Holdings, Teekay Tankers and Nordic American Tankers all slumped after the alliance of oil producers announced an output cut of about 1m barrels per day.
NAT was the biggest loser with shares ending the day down 12.1%
