World News
All Eyes in Oil Market on Crunch OPEC+ Talks
All eyes in the oil market are on Vienna today, with crunch talks between oil ministers in the OPEC+ producer group that could shutter as much as 15% of global crude supply.
The OPEC+ meeting is due to be held over webinar at 2pm GMT, according to price reporting agency S&P Global Platts.
The group may produce a deal that cuts global supply by 10-15 million b/d, Platts reported Wednesday, but such a cut would be dependent on countries outside the OPEC+ coalition including the US cuttting production.
Bunker prices have collapsed over the past month as the falling-out between Saudi Arabia and Russia over production levels triggered a slump in crude.
Front-month crude futures were up by $1.33/bl from Wednesday's close at $34.16/bl as of 10:59 in London on Thursday, compared with $50.52/bl at the end of Feburary.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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