The supply cut agreement between Opec and its Russia-led allies collapsed on Friday in a surprising turn of events that analysts said would support tanker earnings in the months to come.

Crude futures plunged to their lowest level since July 2017 as 24 of the world’s largest oil producers, also known as Opec+, failed to reach any deal. This is expected to result in lower bunker costs and more floating storage opportunities for shipowners.