Oil prices rose sharply on Monday after Opec+ announced surprise production cuts of more than 1m barrels a day in a move that is likely to hit tanker markets.
Brent crude was up more than 5% to over $84 a barrel after the decision that the grouping described as a “precautionary measure” to maintain the price of oil.
Analysts said that the move was negative for tankers with Fearnley Securities saying it would lead to substantially less demand after the cuts kick in from next month.
