Middle Eastern benchmarks Oman, Dubai and Murban increased marginally on Friday as spot trades gradually picked up and as the OPEC+ de facto leaders urged a broader supply reduction to shore up oil prices.

Saudi Arabia and Russia, the world’s two biggest oil exporters, on Thursday, called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious meeting of the producers’ club.

Market participants and analysts expected only a small supply deficit even if all OPEC+ members adhere to their voluntary cuts, suggesting any worsening in fundamentals would offset the efforts by the producer cartel.

Top oil exporter Saudi Arabia is expected to notify its clients about the allocations for January-loading cargoes next week.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 26 cents to $0.52 per barrel.

NEWS

Key Asian refiners are set to seal 2024 diesel export deals at lower premiums than last year as global supply is poised to rise next year amid slower global demand growth, five trade sources said.

Mexican state-owned oil company Petróleos Mexicanos [RIC:RIC:PEMX.UL] is working to nail down the start-up date at its newest refinery, months after the government said it had begun early output to ramp up to full capacity by December.

Canada unveiled a plan on Thursday aimed at pushing oil and gas companies to cut emissions up to 38% from 2019 levels by 2030, by introducing a cap-and-trade system that drew immediate opposition from industry groups and some fossil fuel-producing provinces.
Source: Reuters (Reporting by Muyu Xu; Editing by Eileen Soreng)