If you listened closely today you may have heard the proverbial bubble bursting on OPEC as both Iran and Saudi Arabia threw cold water on the idea of a cut in crude oil production.
Iran went as far as to say they will increase oil production while Saudi Arabia took a step back to state this weeks’ meeting is strictly "consultative".
Oil benchmarks receded nearly 3% and may be headed further south in the short term.
As a result, bunkers prices were softening in the primary ports.
