Opec+ has elected to stick with its relatively modest production increases, dashing hopes for a larger boost by some major economies and likely dampening hopes for a dramatic tanker-market recovery in the fourth quarter.

The stay-the-course approach with a plan that adds 400,000 barrels per day each month into 2022 spiked oil prices to their highest levels since 2014, as US benchmark West Texas Intermediate crude hit $78.13 per barrel and Brent crude $81.77, both up 3% on Monday.

Fearnley Securities said: "While higher oil prices and the ongoing energy crunch likely added some uncertainty to the decision, the lack of political pressure and a wish to avoid volatility likely made this a relatively simple decision for the group, evident by the meeting reportedly only lasting 30 minutes."