June 19 (Bloomberg) — Shares of Frontline Limited, the world's biggest oil-tanker company by carrying capacity, were upgraded by Norwegian stockbroker Fondsfinans ASA on expectations OPEC will pump more oil, boosting shipping demand.Analysts led by Arne Roenning in Oslo upgraded their recommendation on Frontline's shares to "buy" from "sell" in a note to clients yesterday.

They also increased their share price target for the Bermuda-based shipping line to 350 Norwegian kroner ($58.12) from 250 kroner. The stock rose four kroner, or 1.5 percent, to 276 kroner as of 10:56 a.m. in Oslo.

"We expect OPEC to open up the tap in the second half to keep crude prices at sustainable levels," the Oslo-based analysts wrote. "The effect will be rising tanker demand and freight rates."

The Organisation of Petroleum Exporting Countries will have to produce an extra 1.7 million barrels a day next year to keep global supply and demand balanced, Fondsfinans said, citing estimates by Energy Market Consultants.

"Last time we saw an increase of this magnitude was in 2004," the analysts said. "The effect was record high tanker rates" of $250,000 a day for the largest class of supertankers known as very large crude carriers, or VLCCs.