Middle East crude benchmarks Oman, Dubai and Murban strengthened on Thursday, the first trading day for the April-loading cargoes.

The market was awaiting outcomes from a virtual meeting of OPEC+’s Joint Ministerial Monitoring Committee on Thursday, although sources said the group is unlikely to decide further output policy.

OPEC+ decided in late November to extend a combined voluntary cut of 2.2 million barrels per day (bpd) till March this year.

OPEC oil output in January registered the biggest monthly drop since July, a Reuters survey found, as a result of the voluntary cuts and unrest in Libya, which curbed oilfield operations.

Meanwhile, Qatar Energy plans to boost production capacity of its offshore al-Shaheen crude by 100,000 barrels-per-day (bpd) to about 400,000 bpd by 2027.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 6 cents to $1.10 per barrel.

NEWS

Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data.

India’s crude oil imports from its top supplier Russia fell for a second straight month in January to their lowest in a year as tighter Western sanctions hit supply of light sweet Sokol grade, preliminary ship tracking data showed.

U.S. crude stocks rose last week as a jump in production after an extreme freeze outweighed a slower recovery in refinery runs and exports, the Energy Information Administration said on Wednesday.
Source: Reuters (Reporting by Muyu Xu; Editing by Shinjini Ganguli)