OPEC Monthly Oil Market Report – November 2017
In October, tanker spot freight rates for dirty vessels edged up across all classes trading on most major
routes ahead of winter season requirements. VLCC spot freight rates achieved the strongest growth
compared with the smaller classes on the back of healthy tonnage demand on the main trading routes.
In the dirty segment, VLCC, Suezmax and Aframax average spot freight rates increased by 37%, 12%, and
12%, respectively, over a month earlier. These gains in spot rates were mostly driven by higher seasonal
tonnage demand, as well as increased transit and port delays.
Clean tanker freight rates dropped on all reported routes with no exception in October, dropping for East
and West of Suez routes by 9% and 4%, respectively. The clean tanker market was mostly uneventful in
October, while vessel oversupply persisted. Despite lower monthly rates, clean tanker rates remain well
above the levels seen in October a year ago.
OPEC spot fixtures
dropped by 9.6% from the previous month to average 10.82 mb/d,
according to preliminary data. The drop came on the back of lower spot fixtures on the Middle East-to-East
and Middle East-to-West routes, which went down by 0.45 mb/d and 0.15 mb/d, respectively, in October to
average 5.39 mb/d and 1.99 mb/d. In addition, fixtures outside the Middle East were down by 0.55 mb/d.
Table 7 - 1: Spot fixtures, mb/d
Sailings and arrivals
dropped by 0.26 mb/d, or 1.1%, in October to stand at 23.69 mb/d. Middle East sailings also
dropped, down by 0.16 mb/d over the previous month to average 17.11 mb/d.
Crude oil arrivals
increased in October at North American and West Asian ports, up by 0.4% and 4.6%,
respectively, over the previous month, while arrivals in European and Far Eastern ports showed a drop of
1.4% and 2.1%, respectively, from the month before.
Oct 17/Sep 17
Outside Middle East
Sources: Oil Movements and OPEC Secretariat.