Middle Eastern benchmarks Oman, Dubai and Murban edged higher on Friday, supported by active trades in the spot market, while the market continued to monitor the discussions on 2024 OPEC+ output policy before the meeting next week.

African members of OPEC+ producer group Angola and Nigeria are aiming for higher oil output, officials told Reuters on Thursday, a day after the group was forced to postpone talks on next year’s production policy.

The United Arab Emirates will ramp up exports of Abu Dhabi’s flagship Murban crude early in 2024 as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.

The spot premium for Murban crude rebounded from a six-month-low in the previous session, to $1.57 a barrel over the Dubai quotes on Friday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 24 cents to $1.87 per barrel.

BP will deliver one January-loading Dubai crude to Glencore following the trade.

NEWS

Three major Greek shipping firms have stopped transporting Russian oil in recent weeks in order to avoid U.S. sanctions now being imposed on some shipping firms carrying Russian oil, four traders told Reuters and shipping data showed.

Brazil’s Petrobras will invest around $102 billion within the 2024-2028 period, the firm’s new strategic plan showed on Thursday, representing a major boost in expected investments by the state-run oil company.

Russia has succeeded in selling almost all of its oil well above a Western-imposed price cap of $60 per barrel, a Russian government official said on Thursday.
Source: Reuters (Reporting by Muyu Xu; Editing by Mrigank Dhaniwala)