World News
OPEC+ Postpones Emergency Meeting to Thursday
Monday April 6, 2020
Renewed tensions between Saudi Arabia and Russia appear have pushed back an emergency meeting of the OPEC+ group of oil exporting countries scheduled for Monday aimed at rebalancing the oil market in the face of the COVID-19 pandemic.
The emergency meeting, originally expected to be held over webinar on Monday, has now been postponed to Thursday, according to price reporting agency S&P Global Platts.
Front-month Brent crude futures sank by 1% to $33.77/bl as of 8:26 AM in London, paring last week's 36.8% gain.
Countries within the OPEC+ group are hoping to make a production cut deal contingent on other countries outside the group, such as the US, Canada and Brazil, also participating, Platts reported Monday.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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