The price of Brent Crude Oil influences BAF
The price of vessel fuel, sometimes referred to as BAF or Bunker Adjustment Factor, is determined by the price of Brent Crude Oil, a significant benchmark for global oil prices.
Since OPEC (Organization of Petroleum Exporting Countries) started limiting its oil production at the beginning of 2017, the price of Brent Crude Oil has increased.
Through the end of 2018, oil production is anticipated to be reduced, and sanctions imposed by the United States against Iran are anticipated to raise oil prices.