World News
Oil Jumps After New OPEC+ Output Deal
Monday June 5, 2023
Oil prices jumped on Monday morning after a new output deal among OPEC+ member states was reached over the weekend.
The OPEC group and its allies including Russia agreed to extend their current production cuts into 2024 at a meeting in Vienna on Sunday.
Saudi Arabia has voluntarily agreed to cut its production levels further, with a target of 9 million b/d in July, down from about 10 million b/d in May.
Crude futures advanced on Monday morning in response to the news, having already been boosted late last week by the resolution of the debt ceiling political dispute in the US. ICE August Brent futures traded at $77.26/bl as of 7:32 AM in London, up by $1.13/bl from Friday's close.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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