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Middle East Crude-Benchmarks dip; OPEC+ to discuss additional output cuts

Tuesday, 21 November 2023 | 01:00

Middle Eastern benchmarks Oman, Dubai and Murban eased on Monday as the market cautiously awaited the OPEC+ group’s decision on further supply cuts, which will be discussed during its meeting later this week.

The falling spot premiums for Mideast crude grades also came as the spread between Brent and Dubai-pegged oil narrowed to a three-month-low of 13 cents a barrel, which could encourage Asian refiners to haul more crude from the Atlantic Basin.

OPEC+ is set to consider, at a meeting later this month, whether to make additional oil supply cuts, three sources told Reuters, after prices dropped by almost 20 percent since late September.

The head of Japan’s oil industry body said on Monday he expects OPEC+ to extend its supply curbs after December to support oil prices.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 12 cents to $1.77 per barrel.

Total will deliver one January-loading Murban cargo to PetroChina following the trades.

NEWS

China’s gasoline exports fell 20% in October from a year earlier, data showed on Saturday, as domestic road travel surged during the Golden Week holiday.

Russia has lifted restrictions on gasoline exports, the energy ministry said on Friday, after scrapping most restrictions on exports of diesel last month, saying there was a surplus of supply while wholesale prices had declined.

Russia remained China’s top oil supplier in October, data showed on Monday, despite higher prices for Russian crude as Saudi Arabia continues to cut supply.
Source: Reuters (Reporting by Muyu Xu; Editing by Savio D’Souza)

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