World News
Crude Prices Fall Back on OPEC Freeze Comments
by Tim Bonett, 
Tuesday September 27, 2016
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.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 460.00 | 2.50 | 729.00 | 1.00 |
| Rotterdam | 436.50 | 9.00 | 705.50 | 16.50 |
| Houston | 442.00 | 0.00 | 672.50 | 1.00 |
| Fujairah | 454.00 | 0.50 | 741.50 | 6.00 |
| Global 20 Ports Average | 491.00 | 2.00 | 777.00 | 3.50 |
| Global 4 Ports Average | 448.00 | 3.00 | 712.00 | 2.50 |
| Global Average Bunker Price | 537.50 | 0.50 | 812.50 | 4.00 |
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