Global fuel prices continue to fluctuate among the key regions today, as uncertainty caused by the Coronavirus has made the market difficult to predict.
Although the overall situation is too blurry, the upcoming meeting between OPEC members and producers and their non-OPEC counterparts, scheduled for 9 April, could boost the bunker market if an agreement is reached, particularly between Saudi Arabia and Russia.
“Bunker prices globally do not have any firm trend at the moment,” said the MABUX spokesman, emphasising the importance of an agreement on crude oil production cuts to be discussed in tomorrow’s OPEC+ meeting, which “may set up a potential upward trigger for the bunker market in a medium-term outlook,” he added.
A MABUX spokesman argued that, “There is still no clarity in bunker pricing, and still huge uncertainty on where things are going.” He went on to say that it is clear that the VLSFO market is unlikely to see any significant rebound from prevailing levels due to lacklustre demand alongside abundant supply.
