Bunker Market this morning 11th October!
Putin says freeze or cut are the way forward for stability.
Saudi Arabia and Russia, the world's two largest crude oil producers, said they're ready to cooperate to limit output, helping send prices to a one-year high in London.
If Russia and Saudi Arabia are both serious this time concerning the output freeze, well oil prices will surely rise but how far??
The $60 level, which the Saudi oil minister suggest could be reached as early as end 2016, sounds rather optimistic, but if OPEC members and Russia agree on a big enough cut might happen.
Saudi Arabia and Russia, the world's two largest crude oil producers, said they're ready to cooperate to limit output, helping send prices to a one-year high in London.
Saudi Arabia remains under severe economic pressure, prompting last month's surprise reversal of its policy of pumping without constraints.
Oil Future close 10th October:
Brent: $53.14(+1.21)pbr
WTI: $51.35(+1.54)pbr
MGO: $476(+8.75)/mton
Ny Harbor Ulsd: $495.72(+9.52)/mton
Oil Futures are at GMT 08.31 trading lower Brent down 43 and WTI down 39 cemts.
Expect bunker prices to drop 6 - 8 usd/mton based on Oil Future close.