World News
Eight OPEC+ Members Announce April Output Increase
Eight OPEC+ members have agreed to implement an oil production increase in April as regional tensions escalate.
Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman have agreed to increase production adjustment of 206,000 b/d from current levels in April, the OPEC said in a press release on Sunday.
“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments announced in April 2023 and agreed on a production adjustment of 206 thousand barrels per day,” OPEC said.
The increase marks the start of a gradual and conditional return of the 1.65 million b/d, which may be paused, accelerated or reversed depending on evolving market conditions.
The eight members will meet again on April 5.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 521.50 | 8.50 | 709.50 | 1.50 |
| Rotterdam | 489.50 | 9.50 | 720.00 | 2.00 |
| Houston | 494.50 | 1.50 | 710.00 | 4.00 |
| Fujairah | 519.50 | 10.00 | 777.50 | 3.50 |
| Global 20 Ports Average | 543.50 | 7.00 | 797.50 | 5.50 |
| Global 4 Ports Average | 506.00 | 7.00 | 729.00 | 2.50 |
| Global Average Bunker Price | 576.00 | 3.00 | 829.50 | 2.00 |
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