World News
Algeria Suggests Bringing Forward Opec Meeting to Discuss Coronavirus Response
Algeria's energy minister has suggested an upcoming meeting of oil producer group the Organization of the Petroleum Exporting Countries (Opec) may be brought forward to discuss a response to the oil price drop triggered by the Coronavirus outbreak in China.
It is "very possible" that the next meeting, currently scheduled for March, may be brought forward to February, state news agency APS reported Wednesday, citing comments by energy minister Mohamed Arkab.
Opec ministers have been in regular contact over the past 48 hours to discuss ways of keeping the oil market in balance, Arkab said.
Brent crude futures dropped to $58.68/bl Wednesday, the lowest closing level since 15 October.
Bunker prices have been following crude lower since the start of the year, with very low sulfur fuel oil prices in Singapore $138/mt lower on Wednesday than at the end of 2019.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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