World News
Nigeria: OPEC Will Need a "Very Urgent" Meeting if Prices Don't Recover
Nigeria and Indonesia have said that the Organization of Petroleum Exporting Countries (OPEC) may need to call an emergency meeting within the coming weeks in order to stabilize oil prices that have tumbled even further since the cartel's December 4 meeting, the Telegraph reports.
Emmanuel Kachikwu, oil minister for Nigeria, and who until earlier this month was also the president of OPEC, this week said that while the cartel is still hoping prices will recover by February, "If it doesn't, then obviously we're in for a very urgent meeting."
Indonesia meanwhile has issued similar warnings over recent days, suggesting the OPEC majority may try to force a meeting if Saudi Arabia's strategy of flooding the market creates a deeper crisis.
OPEC Secretary-General Abdullah al-Badri meanwhile has dismissed the need for alarm over the current conditions, saying that the situation "will not continue."
Last week Ship & Bunker reported that OPEC's December 4 meeting in Vienna, Austria had ended with members failing to agree on an oil production ceiling.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
Popular Now More
-
Apr 24Non-compete clauses have not always been used in a fair and reasonable way in the bunker industry, Maritime Recruitment Company Ltd's Vernon Jayanathan tells Ship & Bunker. -
Apr 25The new hire was previously a marine fuel trader for Vilma Oil in Madrid from June 2017 to last month. -
Apr 25Government investigating after test results altered 'to make the fuel consumption data look better'.