World News
Angola Leaves OPEC
Angola is set to leave oil producer group OPEC.
The country's oil minister announced the decision on Thursday, news agency Reuters reported, citing a report from local agency ANGOP.
OPEC sets crude oil production quotas for its member countries, reducing or increasing them at regular meetings with a view to keeping balance in global oil markets. The organisation and the wider OPEC+ group have been cutting production this year as a weakening global economy reduces demand.
Earlier this month Angolan Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azavedo said the country would not comply with the 1.11 million b/d quota set for it at the end of November, according to Energy Voice.
Angola has been an OPEC member since 2007, and produces about 1.1 million b/d of crude.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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