World News
OPEC+ Oil Output Cuts Extended Into 2025
Monday June 3, 2024
The OPEC+ coalition of oil-producing countries has extended most of its output cuts into 2025.
The group came to the decision at a meeting on Sunday, seeking to bring balance to the market in the face of weak demand growth.
The production cuts total 3.66 million b/d, and are now to last until the end of 2025, news agency Reuters reported on Sunday.
Voluntary cuts by eight members totalling 2.2 million b/d have been extended by three months until the end of September 2024. These will be gradually phased out over the course of a year.
ICE Brent crude futures traded at $81.02/bl as of 5:57 AM in London on Monday, down by $0.09/bl from Friday's close.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 623.00 | 7.00 | 758.00 | 7.50 |
| Rotterdam | 570.00 | 7.50 | 766.00 | 3.00 |
| Houston | 611.00 | 13.00 | 784.50 | 11.00 |
| Fujairah | 623.50 | 9.50 | 861.50 | 10.00 |
| Global 20 Ports Average | 633.50 | 6.00 | 844.00 | 0.00 |
| Global 4 Ports Average | 607.00 | 9.50 | 792.50 | 8.00 |
| Global Average Bunker Price | 672.50 | 7.00 | 899.50 | 1.00 |
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