OPEC+ output boost sends tanker earnings to highest in 2 years
OPEC and its allies (OPEC+) just increased oil production by over half a million barrels per day this September, reversing earlier cuts.
This move has sent more crude flowing from the Middle East to Asia and caused tanker earnings to skyrocket—shaking up how oil moves around the world.
Six massive oil tankers were booked this week
Six massive oil tankers were booked this week at rates topping $96,000 a day—the highest in more than two years.
The key Middle East-to-Asia shipping index jumped to Worldscale 105.2, showing just how hot demand is for moving oil right now.
With OPEC+ pumping more and US output rising
With OPEC+ pumping more and US output rising too, there's likely to be extra oil sloshing around—so prices could drop.
But all that extra supply means tankers are in high demand: even US-to-Asia shipping rates shot up nearly 20% as fleets struggle to keep up.
If you're curious about global trade or energy trends, this is one of those moments where everything shifts fast.