World News
Eight OPEC+ Members Announce Bigger August Output Increase
Eight OPEC+ members have agreed to increase oil production by 548,000 b/d in August from July's level, which was higher than market expectations.
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, who had previously implemented voluntary cuts beyond OPEC+ targets, confirmed the move during a virtual meeting on Saturday, according to an OPEC statement.
The increase marks an acceleration from the group's previous monthly hikes of 411,000 b/d in May, June, and July, and 138,000 b/d in April.
With this latest adjustment, the eight members are now on track to increase production by a cumulative 1.91 million b/d, moving closer to the 2.2 million b/d in voluntary increases pledged in December 2024.
The group has cited a steady global economic outlook and healthy market fundamentals, including low inventories, as key reasons to maintain the pace of supply restoration.
ICE August Brent futures traded at $68.28/bl as of 08:44 AM in London, down from $68.30/bl at Friday's close.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 518.00 | 1.00 | 693.50 | 3.50 |
| Rotterdam | 508.00 | 2.00 | 721.00 | 4.00 |
| Houston | 499.50 | 0.50 | 705.50 | 2.50 |
| Fujairah | 510.00 | 1.00 | 745.00 | 1.50 |
| Global 20 Ports Average | 548.00 | 0.50 | 772.00 | 1.00 |
| Global 4 Ports Average | 509.00 | 0.50 | 716.50 | 1.00 |
| Global Average Bunker Price | 584.50 | 1.00 | 819.00 | 1.00 |
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