- Tanker market report 1 November 2024
- Tanker market report 25 October 2024
- Tanker market report 18 October 2024
- Tanker market report 11 October 2024
- Tanker market report 4 October 2024
After falling to $50/bbl in late December, Brent and heavy sour Oman crude prices have recovered to over $67/bbl. OPEC’s decision in December to cut production by almost 800,000 b/d for an initial period of six months seems to have had the desired effect of lifting flailing crude prices, which traded at $85/bbl in October. Although prices are still considerably lower compared to those recent highs, it is so far an encouraging sign. IEA numbers released last week showed a decrease in OPEC production of just under 1.2 million b/d from October levels, an overcut of almost 400,000 b/d due to over compliance from producers such as Saudi Arabia. When taking ‘non-OPEC’ production cuts into consideration, the total cut for January totalled over 1.3 million b/d.
The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
If you are a member, please login using the orange button at the top of the page to view the full article, or register.
If you are unsure of your membership, or wish to become a member, please contact membership@bimco.org.
All of BIMCO's most widely used contracts and clauses as well as advice on managing charters and business partners.
For general guidance and information on cargo-related queries.
Want to buy or download a BIMCO publication? Use the link to get access to the ballast water management guide, the ship master’s security manual and many other publications.