Oil Prices Move Higher as Saudi Arabia Quells OPEC Fears

by Tim Bonett, KPI Bridge Oil
Thursday October 27, 2016

Oil prices moved higher as Saudi Arabia quelled OPEC fears for a day by confirming its willingness to reduce oil output by 4%.

This is a small reprieve from the latest gloomy news surrounding the production cut but Iraq's involvement is still in doubt.

There was also a major decision in the bunker world today as the IMO has reached a consensus and will implement a 0.5 percent global sulfur cap in 2020.

There were questions regarding the availability of the fuel at such date but the health and environmental concerns regarding ship emissions was paramount in this decision.

Bunker prices were firm in the primary ports.

About KPI Bridge Oil

KPI Bridge Oil is one of the world's leading international bunker broking and trading firms. With a network of offices that covers every major time zone, we have an in-depth knowledge of ports and bunker markets around the world. Our access to real-time market information and long-established credit lines with suppliers means we use our buying power in the right place and at the right time. All this ensures our customers enjoy competitive prices - and on favourable terms.

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