World News
Eight OPEC+ Members to Raise May Output, Warn Damaged Capacity May Take Time to Return
Eight OPEC+ members have agreed to increase oil production in May, but warned that restoring damaged capacity from Iran attacks may take a long time.
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman have agreed to increase production adjustment by 206,000 b/d from current levels in April, the OPEC said in a press release on Sunday.
Despite the planned increase, the group highlighted ongoing risks to supply availability stemming from attacks on energy infrastructure.
It noted that restoring damaged capacity to full operational levels is both costly and time-consuming, potentially delaying the return of disrupted volumes to the market.
“The eight countries also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability,” they said.
The producers also stressed that disruptions to international maritime routes could further exacerbate volatility and hinder the smooth flow of energy supplies.
The eight members will meet again on May 3.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 879.00 | 0.00 | 1870.00 | 0.00 |
| Rotterdam | 741.00 | 0.00 | 1414.50 | 0.00 |
| Houston | 854.50 | 0.00 | 1377.50 | 0.00 |
| Fujairah | 867.50 | 0.00 | 1898.00 | 0.00 |
| Global 20 Ports Average | 958.50 | 0.50 | 1791.50 | 32.50 |
| Global 4 Ports Average | 835.50 | 0.00 | 1640.00 | 0.00 |
| Global Average Bunker Price | 1036.00 | 1.50 | 1780.50 | 10.00 |
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