TANKER MARKET

摘要

Bunker prices firmed markedly in May as crude prices hit $80/bbl for the first time since 4Q14 following the announcement by the US to renew sanctions on Iran that may restrict their exports. This added to concerns of the rapidly falling Venezuelan output (see Oil page). Higher bunkering costs prompted owners to push for higher Worldscale rates to cover their additional expenses, not always successfully. Spot crude prices have since eased after comments from Saudi Arabia and Russia suggested a plan for OPECon-OPEC producers to raise output by 1M b/d to put them more in line with their agreed quotas. The producers are due to meet later in June to discuss the agreement, which currently runs until end-2018. With OPEC compliance levels at 158% in May (down from 174% in April), according to the International Energy Agency (IEA), there are expectations that exports from the group could rise in 2H18, particularly from Saudi Arabia which added 100K b/d of output in May. Despite seasonal increases in domestic oil demand, Saudi crude exports rose by 250K b/d m-o-m, according to the IEA, citing Kpler tracking data.