As the most closely watched OPEC meeting in years was set to begin yesteray, shipowners suggest that failure by the cartel’s members to bolster the price of oil would be highly welcomed by the industry.
Crude oil prices plummeting to their lowest level in four years is not just slashing bunkering and lubricant costs but appears to have encouraged crude exports, boosting tanker freight rates to levels unseen in years — sparking a rare of optimism among big owners.
“Finally
