Middle East crude benchmark premiums for Dubai and Oman fell further on Monday, despite a decision by theOPEC+ to delay by a month its plans to increase output, while that for Murban stabilized.

Oil prices rose more than 2% on Monday following the OPEC+ announcement. The grouping had been due to increase output by 180,000 bpd from December.

Global markets are bracing for a crucial week, including the U.S. presidential election and a key meeting in China.

Top oil exporter Saudi Arabia is expected to issue its December crude oil prices early this week, and trade sources expect it to cut prices for most of the crude grades it sells to Asia in December.

The official selling price (OSP) for flagship Arab Light crude may fall by 30 to 50 cents a barrel in December from the previous month, they said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 9 cents to 65 cents a barrel, a near three-month low.

REFINERY

South Korean refiners reported on Monday sharp losses in the third quarter from oil refining, but expect their margins to recover in the fourth quarter with peak winter demand and refinery run cuts in Asia.

NEWS

OPEC+ has agreed to delay a planned December oil output increase by one month, the group said on Sunday, as weak demand, notably from China and rising supply outside the group maintain downward pressure on the oil market.

Chinese refiners are expected to reduce fuel output for the rest of the year and maintain lower run rates in the first quarter of 2025 despite a seasonal demand uptick, as profit margins and fuel consumption in road transport remain weak.

Indonesia is conducting a thorough exercise to reform its fuel subsidy scheme, its energy minister said on Monday, as the new president looks to rein in subsidies that amounted to about 16% of budget spending last year.
Source: Reuters (Reporting by Siyi Liu and Florence Tan in Singapore; EDiting by Tasim Zahid)