The oil market has been hit hard in 2020, with prices plummeting to record lows
ICE had announced plans in November last year to launch the platform in partnership with ADNOC
Brooge is adding eight tanks at the site in the UAE port of Fujairah
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
Brent crude fell towards $84 a barrel on Tuesday, after top oil exporter Saudi Arabia cut prices to the United States.
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.