World News
Opec May Increase Production Cuts After Coronavirus Slump: Platts
Tuesday January 28, 2020
Oil producer group the Organization of the Petroleum Exporting Countries (Opec) is considering deepening its production cuts in response to the crude price slump driven by the coronavirus outbreak in Asia, according to price reporting agency S&P Global Platts.
"There is right now discussion among the ministers of OPEC+ of watching the market closely and preparing to do anything if there is a need for it," the agency cited an Opec source as saying Monday.
Brent crude futures sank by $4.16/bl last week, the sharpest weekly decline since July 2019, and have continued to slip this week on concerns that the virus outbreak in Asia may cut demand.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 0.50 | 772.50 | 1.00 |
| Rotterdam | 603.00 | 1.00 | 751.50 | 4.50 |
| Houston | 620.00 | 10.50 | 787.50 | 11.00 |
| Fujairah | 652.00 | 1.50 | 885.00 | 12.00 |
| Global 20 Ports Average | 662.50 | 1.00 | 858.50 | 0.50 |
| Global 4 Ports Average | 633.00 | 3.50 | 806.00 | 6.50 |
| Global Average Bunker Price | 718.50 | 0.50 | 914.00 | 1.00 |
Popular Now More
-
Apr 24Non-compete clauses have not always been used in a fair and reasonable way in the bunker industry, Maritime Recruitment Company Ltd's Vernon Jayanathan tells Ship & Bunker. -
Apr 24The arrests were both on Monday. -
Apr 23The ship had come to Singapore from St Petersburg.