World News
OPEC+ Keeps to Planned 400,000 B/D November Crude Output Hike
Oil exporter group OPEC+ has kept to its plans for a modest hike in crude output next month, despite calls for a more aggressive response to recent price jumps.
The group -- consisting of the core OPEC states and ten other countries including Russia -- will stick to a planned 400,000 bl/d hike in crude output next month, news agency Reuters reported on Monday. Energy ministers from the group's members held an online meeting on Monday.
The front-month Brent crude futures contract climbed to $81.38/bl as of 3:29 PM in London, up from $79.28/bl at Friday's close. Brent futures started 2021 at just $51.80/bl.
Bunker prices have risen in tandem with crude this year. The global average VLSFO price stood at $583.50/mt on Friday, according to Ship & Bunker's G20 Index of prices at 20 leading bunkering ports, up from $421/mt at the start of 2021.
Oil consuming nations including the US had hoped for a greater increase in crude output to combat the recent surge in costs.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 2.50 | 765.00 | 14.00 |
| Rotterdam | 607.50 | 0.50 | 764.50 | 24.50 |
| Houston | 632.50 | 4.00 | 807.50 | 5.00 |
| Fujairah | 650.50 | 1.00 | 882.50 | 6.00 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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