A New OPEC Agreement

Sept. 4, 2018

Conor Stone of McQuilling Services shares the group’s views on the recent development of the OPEC/non-OPEC Production Agreement in the context of upcoming US sanctions on Iran.  Global trade flows to the East are likely to adapt to the new geopolitical environment as Iran volumes are replaced by producers in the Middle East and the Atlantic Basin.  From a vessel supply perspective, we are likely to see an impact from increased Iranian floating storage next year.