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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Uptrend continues as Brent reaches two-year high

22 Dec 2017 08:07 GMT

By A/S Global Risk Management.



News of the major Forties pipeline in the North Sea remaining shut for repairs until early January likely supported prices.

Allegedly, OPEC is working on a contingency or exit strategy for the current oil production cut agreement between OPEC and a row of non-OPEC oil producers. The agreement was extended last month and the aim is to reduce the global oil inventories to 5-year average. According to Al-Falih, energy minister for Saudi Arabia, the global surplus is around 150 mio. barrels of crude. OPEC will meet again in June next year.

Earlier this week, Saudi Arabia in a budget statement forecast a 12% increase in revenue from oil sales next year. Budget data from Iraq, Qatar and Iran suggested similar expectations.

Turning to the financial markets, U.S. passed a business tax bill earlier this week – reducing business tax from 35% to 19% in an attempt to spur growth in country – potentially leading to increased oil demand.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.


Image: Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management




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