World News
OPEC Sees 4.8% Global Bunker Demand Drop in 2020
Global demand for oil-based bunker fuels will drop by 4.8% in 2020 from last year's level, according to crude oil producer coalition OPEC.
OPEC estimates 2020 demand at 4.0 million barrels/day (230 million mt/year), down from 4.2 million b/d in 2019, it said in the 2020 edition of its World Oil Outlook 2045 this week.
The organisation sees demand in the OECD countries holding steady at 1.6 million b/d, and in the rest of the world losing 200,000 b/d to 2.4 million b/d, it said.
OPEC expects 10% demand growth over the next five years to reach 4.4 million b/d by 2025, with the strongest growth in its 'Non-OECD Other Asia' category, which includes Singapore.
In a recent market survey by Ship & Bunker in conjunction with BLUE Insight, global bunker demand at marine fuel hubs was estimated to have dropped by 9.3% in the second quarter from the same period of 2019.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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 25Government investigating after test results altered 'to make the fuel consumption data look better'. -
Apr 26The company is looking for candidates with bunker trading professional certifications and at least six years of experience in a similar role.