World News
Crude Drops as OPEC, Russia Consider End to Production Cuts
Crude prices made a dramatic dip Friday after oil deal partners OPEC and Russia indicated its production cuts could be coming to an end.
"The moment is coming when we should consider assessing ways to exit the deal very seriously and gradually ease quotas on output cuts," Reuters quoted Russian Energy Minister Alexander Novak as saying in televised comments.
The news agency also quoted Russian President Vladimir Putin as saying an oil price of $60/bbl would suit his country.
Having been at a high of $72.83/bbl this week, WTI prices today fell under $68/bbl. Brent, having last week seen prices over $80/bbl, Friday fell over $2 to slip under $77/bbl.
Bunker prices Friday were also soft, with Ship & Bunker data indicating the average price of key grade IFO380 at major ports Friday fell $4.50/mt to $461/mt,
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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