-2.6 C
Hamburg
Sunday, February 16, 2025
Home The Weekly MABUX Bunker Index MABUX daily bunker index – 11 March

MABUX daily bunker index – 11 March

The talk of discussions between OPEC, the Organization of Petroleum Exporting Countries, of a deal has steadied the crude market, but Saudi Arabian pronouncements of boosting production to 13m barrels a day could start a prolonged price war say experts.

Analysts within the oi market believe that Saudi Arabia is declaring a price war on its partners in oil production with a view to protecting its market share and forcing the hand of the heavily indebted shale gas industry.

Even so the price of crude, which is mirrored by the price of bunkers, steadied today with the cost of all types of bunker fuel, in almost all regions, gaining in price, on the world index by US$1.95/tonne for HFO and US$5/tonne for VLSFO.

With demand already hit by the trade war between the US and China, the Coronavirus stymied any sort of economic recovery and the price of oil, while it could stimulate growth, could have a detrimental effect on the low carbon industry.

Oil prices hit a low of US$31.02/bbl on Monday from around US$59/bbl in mid-February, but prices have since regained around US$5/bbl. However, Russia the non-OPEC country in alliance with the organisation for the last four years to restrain production, is now also looking at raising its production, possibly deepening the price war.





Latest Posts

Why YouTube Shares Matter for Shipping and Supply Chain Brands

If you run a shipping or supply chain brand, having a presence on YouTube is essential to finding new clients and getting your name...

How To Determine The Right Storage Container For Your Needs

From transporting to storing to organizing merchandise, the storage container takes top priority. Whether you're clearing your home, moving, or stashing merchandise, good storage...

The Role of Container Shipping in Global Supply Chains: A Focus on Heavy Equipment

In today's global economy, container shipping is essential to the functioning of numerous supply chains. Efficiently moving goods across oceans is essential to every...

How Indiana can Improve its Infrastructure and Reduce the Number of Car Accidents

How frequently do you, either as a driver or pedestrian witness or hear about traffic accidents? Unfortunately, road accidents have become an everyday occurrence...

Weekly Update: Container Shipping Stock Highlights

The container shipping market saw a dynamic week, marked by notable fluctuations in stock performance among key players. Factors such as tariffs, political tensions,...
error: Content is protected !!