Tanker equities set to slide as Opec+ opts to extend cuts, warns fund manager

Tanker stocks are expected to open weaker on Monday after Opec+ agreed Sunday to extend its supply cuts by a further 12 months.

Opec+, which groups the Organisation of the Petroleum Exporting Countries and allies led by Russia, announced that the 1.66m barrels per day (bpd) supply cut agreed in April would extend until the end of 2024, versus the end of 2023 as agreed before.