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 | 556.50 | 9.00 | 685.00 | 6.50 |
| Rotterdam | 506.00 | 6.00 | 665.00 | 11.00 |
| Houston | 552.50 | 0.50 | 682.00 | 4.00 |
| Fujairah | 548.00 | 7.50 | 750.00 | 3.00 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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