Daily rates for smaller oil tankers have started to recover after OPEC+ and Saudi Arabia announced they would gradually add around 2 million barrels per day (bpd) of crude production on the market between May and July. Tanker owners anticipate a more lucrative second quarter compared to the lowest rates in over a decade seen in Q1, Lloyd’s List reports . Yet, the industry expects still expects difficulties in the coming months, especially in the supertanker segment. In the first quarter, tanker rates were impacted by the massive production cuts from OPEC+ and the extra 1 million bpd cut from OPEC’s top producer and the world’s top crude oil exporter, Saudi Arabia. The cuts from the OPEC+ group were already hurting the oil tanker market at the start of this year amid reduced availability of seaborne shipments from Saudi Arabia and a rising number of oil tankers available on […]