World News
OPEC, Non-OPEC Producers to Meet in Istanbul to Discuss Algiers Crude Cap Deal
Thursday October 6, 2016
Algerian Energy Minister Nouredine Bouterfa says both members and non-members of the Organization of Petroleum Exporting Counties (OPEC) will meet in Istanbul for an informal meeting to discuss the implementation of the Algiers production cap deal, according to a report by Reuters.
Few details were given about the meeting, including any specifics over who the participants would be, but it is understood to be set to take place from October 8 to 13.
As previously reported, the deal aims to reduce overall OPEC output to between 32.5 million and 33.0 million barrels per day (bpd), but not all member nations will be required to cut their individual production.
Bouterfa says the deal could be in place for up to a year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 522.50 | 7.00 | 612.50 | 7.50 |
| Rotterdam | 478.00 | 2.50 | 620.00 | 4.00 |
| Houston | 468.50 | 2.00 | 620.50 | 6.50 |
| Fujairah | 508.50 | 6.50 | 711.00 | 5.00 |
| Global 20 Ports Average | 536.50 | 3.50 | 712.50 | 1.50 |
| Global 4 Ports Average | 494.50 | 4.50 | 641.00 | 6.00 |
| Global Average Bunker Price | 571.00 | 2.00 | 758.50 | 2.50 |
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