World News
Seven OPEC+ Members Announce June Output Increase
Seven OPEC+ members have agreed to implement an oil production increase in June to support market stability.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman have agreed to increase production adjustment of 188,000 b/d from current levels in May, the OPEC said in a press release on Sunday.
“In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023,” they said in a joint statement after a virtual meeting on Sunday.
The UAE had been included in previous adjustments but is not part of this latest agreement following its recent announcement to exit OPEC.
Daniel Hynes, senior commodity strategist at ANZ Bank, says the UAE's exit lowers OPEC control over the market.
“OPEC is also losing its control over the market following the UAE’s decision to leave the group, he said in a LinkedIn post on Monday.
“The exit exposes the organisations weaker cohesion, but the near-term impact is limited.”
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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