Dashing the hopes of tanker owners, Opec is sticking with its pre-planned production hike.

The 13-member group of major oil-producing countries and their allies will continue with their 648,000 barrel per day output increase as agreed earlier this month following an online meeting on Thursday.

In its note published ahead of the meeting, Fearnley Securities said attention turned toward the meeting after negotiations between the US and Iran that would return Iranian barrels to above-board global trades fell apart on Wednesday.