All eyes were on the cartel’s latest gathering as experts had singled out uncertainty over the outcome as a reason for not investing in tanker stocks at a time when charter rates are running hot.
Eirik Haavaldsen of Pareto explained: “Oil prices crashed yesterday as a consequence of OPEC’s decision to go ahead with market shares rather than be willing to cut back production in order to stimulate the prices that already were in free fall.
“While
