 |
Louisiana Light • 2 days | 87.12 | +0.03 | +0.03% | ||
|
Bonny Light • 24 hours | 88.87 | +0.67 | +0.76% | ||
|
Opec Basket • 2 days | 86.51 | -1.01 | -1.15% | ||
|
Mars US • 172 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 2 hours | 2.721 | -0.005 | -0.17% |
|
Bonny Light • 24 hours | 88.87 | +0.67 | +0.76% | ||
|
Girassol • 24 hours | 89.45 | +0.81 | +0.91% | ||
|
Opec Basket • 2 days | 86.51 | -1.01 | -1.15% |
|
Peace Sour • 23 hours | 75.10 | -0.32 | -0.42% | ||
|
Light Sour Blend • 23 hours | 78.15 | -0.32 | -0.41% | ||
|
Syncrude Sweet Premium • 23 hours | 85.10 | -0.32 | -0.37% | ||
|
Central Alberta • 23 hours | 75.50 | -0.32 | -0.42% |
|
Eagle Ford • 2 days | 79.33 | -0.29 | -0.36% | ||
|
Oklahoma Sweet • 5 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 2 days | 73.00 | -0.50 | -0.68% | ||
|
Buena Vista • 5 days | 87.31 | +0.41 | +0.47% |
Breaking News:
LME's Russian Metal Ban Reshapes Global Trade Dynamics
The London Metal Exchange's ban…
Explaining the Israel and Iran Missile Exchange
In response to Iran's attack…
Supertanker Rates Crash 75% After OPEC+ Cuts Oil Supply To Markets
Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year.
Daily rates on the Middle East to China route for the very large crude carriers (VLCC) capable of shipping up to 2 million barrels of oil have crashed from nearly $100,000 per charter day in March to just $24,000 a day at the end of last week, per data from the Baltic Exchange cited by Bloomberg.
The key reason for the crash is the recent surprise cut from OPEC+ which will reduce the global supply of crude by sea.
Early last month, in a move that shocked markets and drew criticism from the United States, several major OPEC+ producers announced an additional cut to production. On April 2, a day before a regularly scheduled OPEC+ panel meeting, the biggest OPEC producers in the Middle East and several other members of the OPEC+ pact announced a total of 1.16 million bpd of fresh production cuts. OPEC heavyweights Saudi Arabia, Iraq, the United Arab Emirates (UAE), and Kuwait, plus OPEC’s Algeria and Gabon, and non-OPEC Oman and Kazakhstan, announced the 1.16 million bpd cut. That’s on top of Russia’s current 500,000 bpd cut, which was extended until the end of the year.
Saudi Arabia is also cutting 500,000 bpd and said the move was “a precautionary measure aimed at supporting the stability of the oil market.”
Before the latest OPEC+ cuts, supertanker rates had surged to $100,000 per day amid high Chinese demand and the embargo on Russian crude imports into the EU, which created a major shift in global crude trade. Many tankers now have to travel on much longer routes from Russia’s Baltic and Black Sea export terminals to Asia instead of just a few days’ trip to Europe.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com:
- Oil Price Volatility Will Only Get More Extreme
- The $1 Million Math Problem Undermining Wind Energy
- A Secret War Is Brewing In The South China Sea
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
