Middle East crude benchmarks Oman and Murban ticked up on Friday as OPEC+ kept current output cuts in place and as major producers voiced support for oil prices.

OPEC+ will decide in March whether or not to extend voluntary oil production cuts in place for the first quarter, two OPEC+ sources said on Thursday after a ministerial panel meeting made no changes to the group’s output policy.

OPEC member Algeria said on Thursday it was ready to carry on with its voluntary cut beyond March if needed, while Kuwait said it was committed to the curbs without saying whether they should be extended.

Meanwhile, Russian Deputy Prime Minister Alexander Novak said that the OPEC+ group of oil-producing countries was ready to act to support the oil market at “any moment” as Middle Eastern tensions and other risks may require action.

OSP

The official selling price (OSP) of January-loading Malaysian crude oil (MCO) grades OSP/MY has been set at $90.47 a barrel, according to a price document issued by state oil company Petronas, up by $1.06 a barrel from the previous month.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps dipped 10 cents to $1.00 per barrel.

NEWS

The G7 coalition imposing a price cap on Russian oil issued an enforcement alert detailing ways that market players evade the mechanism and information on how people can report breaches, the U.S. Treasury Department’s website showed on Friday.

South Korea’s S-Oil 010950.KS, whose main shareholder is Saudi Aramco 2222.SE, forecast on Friday that 2024 refining margins would continue at an above-average level helped by steady demand growth and low inventories.
Source: Reuters (Reporting by Muyu Xu, Editing by Mark Potter)