World News
OPEC+ Coalition Agrees Voluntary Oil Output Cuts of Almost 2 Million B/D
Thursday November 30, 2023
The OPEC+ group of oil exporting countries has agreed to voluntary output cuts of almost 2 million b/d in a bid to stabilise the market.
The decision was taken at an online meeting on Thursday, news agency Reuters reported.
The voluntary cuts add up to a total 'approaching 2 million b/d', according to the report, including an extension of Saudi Arabia's 1 million b/d cut that it has had in place since July. Russia's output cut will be 500,000 b/d.
The voluntary nature of the cuts may make it more difficult for them to be maintained. Disagreements are reported to have broken out over output quotas for African countries.
ICE February Brent futures traded at $80.18/bl as of 4:52 PM in London, down by $2.70/bl on the day.
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 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 20The ISO 6853:2024 specifications, the first of their kind, cover the general requirements and properties for methanol specifically being used as marine fuel. -
Nov 21CTI-Maritec reports on undeclared quantities of cashew nut shell liquid found in VLSFO samples from Rotterdam and Singapore.