What's the connection between crude oil and ship fuel
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The price of Brent Crude Oil has a significant impact on Bunker Adjustment Factor (BAF).
BAF, sometimes referred to as Bunker Adjustment Factor, is a component of shipping costs.
The price of vessel fuel, which is sometimes referred to as BAF, is determined by the price of Brent Crude Oil.
Brent Crude Oil is a significant benchmark for global oil prices.
Since OPEC (Organization of Petroleum Exporting Countries) began limiting its oil production at the beginning of 2017, the price of Brent Crude Oil has increased.
Oil production is anticipated to be reduced through the end of 2018, and sanctions imposed by the United States against Iran are anticipated to raise oil prices.
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