Oil tanker firms fall as Saudi to cut production further

Nordic American Tankers

05/06/2023 16:26

** Shares of oil tanker companies slip after OPEC+ agrees to
a new output deal
    ** Saudi Arabia will make a deep production cut in July on
top of a broader OPEC+ deal to limit supply into 2024
 urn:newsml:reuters.com:*:nL8N37X1U2
    ** "Less production means fewer cargoes and potentially
weaker tanker rates. weakness may be more in response to 1 mln
barrel cut by the Saudi's for at least July than the 2024
portion" - Stifel analyst Ben Nolan
    ** Ardmore Shipping Corp  ASC.N , International Seaways
 INSW.N , DHT Holdings Inc  DHT.N , Teekay Tankers  TNK.N ,
Nordic American Tankers  NAT.N , down between 1.9% and 2.9% 
    ** Nolan adds if demand is strong and oil prices push up in
response, production from Saudi and the other members of OPEC
would also increase 

 (Reporting by Mrinalika Roy)
 ((mrinalika.roy@thomsonreuters.com;))