OPEC Monthly Oil Market Report – October 2017
In September, tanker spot freight rates for dirty and clean vessels generally saw improved sentiment across
all classes trading on various routes.
The upward momentum varied, with VLCC rates remaining on average unchanged, while Suezmax and
Aframax freight rates rose, supported by increased tonnage demand, tighter vessel availability and greater
activity in the Mediterranean, as well as to some extent disruption in the vessel programme caused
hurricanes in the US. In the dirty segment, VLCC rates were broadly unchanged, while Suezmax and
Aframax spot freight rates increased by 6%, and 38%, respectively, over the previous month.
Clean tanker freight rates showed positive developments in September, with those West of Suez increasing
by 38%, while East of Suez rates rose by 16% from one month ago. Steady tonnage requirements,
combined with occasional tightening vessel supply, supported product tanker freight rates on several trading
OPEC spot fixtures
rose by 0.8% from the previous month to average 11.94 mb/d, according
to preliminary data. The increase came on the back of higher spot fixtures on the Middle East-to-East and
Outside Middle East route which averaged 5.85 mb/d and 3.94 mb/d, respectively, in September. On the
other hand, fixtures on the Middle East-to-West route were down by 0.27 mb/d in September to average
Table 7 - 1: Spot fixtures, mb/d
Sailings and arrivals
inched down by 0.04 mb/d, or 0.2%, in September to stand at 23.96 mb/d. Middle East
sailings increased marginally, rising by 0.04 mb/d over the previous month, to average 17.26 mb/d.
Crude oil arrivals
dropped in September at all ports. European, West Asian, North American and
Far Eastern ports showed a drop of 0.4%, 0.8%, 0.9% and 2.5%, respectively, from the previous month.
Sep 17/Aug 17
Outside Middle East
Sources: Oil Movements and OPEC Secretariat.