Middle East crude benchmarks slipped on Friday as Russia restarted pipeline diesel exports, which eased the supply tightness concerns over middle distillates and put a cap on refining margins.

Russia’s government said on Friday it has lifted a ban on pipeline diesel exports via ports, removing the bulk of restrictions installed on Sept. 21.

Profit margins for Asian refiners DUB-SIN-REF hovered near a three-month low at $4.55 a barrel on Friday.

Meanwhile, top oil exporter Saudi Arabia raised the price of its flagship Arab Light crude to Asian customers in November for a fifth straight month after the kingdom reaffirmed its voluntary supply cut.

State-owned Saudi Aramco increased the official selling prices (OSP) for November-loading Arab Light to Asia by 40 cents a barrel from October to $4 a barrel over Oman/Dubai quotes, it said in a statement.

The price hike came in at the lower range of market expectations.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps dipped 34 cents to $2.90 a barrel.

NEWS

Russian oil pipeline monopoly Transneft TRNF_p.MM will resume diesel exports via ports in the Baltic Sea and Black Sea once it receives clearance from authorities and when suppliers are ready, TASS news agency reported on Friday, citing a company spokesman.

Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year’s peak price as demand tumbles.

Norway’s production of oil liquids is expected rise by 5% in 2024 compared to 2023, while natural gas output is set to increase by 1.7%, the government’s draft budget showed on Friday.
Source: Reuters (Reporting by Muyu Xu; editing by Eileen Soreng)