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 | 602.50 | 13.50 | 676.00 | 10.00 |
| Rotterdam | 540.50 | 6.50 | 665.50 | 18.00 |
| Houston | 552.50 | 21.50 | 685.50 | 25.00 |
| Fujairah | 592.50 | 17.50 | 783.00 | 10.00 |
| Global 20 Ports Average | 615.00 | 12.00 | 757.00 | 15.00 |
| Global 4 Ports Average | 572.00 | 14.50 | 702.50 | 16.00 |
| Global Average Bunker Price | 653.00 | 9.50 | 824.50 | 9.50 |
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