Middle East crude benchmarks Oman, Dubai and Murban moved down on Friday as oil prices dipped with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026.

The Organization of the Petroleum Exporting Countries and its allies on Thursday pushed back the start of oil output rises by three months until April and extended the full unwinding of cuts by a year until the end of 2026.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 11 cents to $0.82 a barrel.

NEWS

Russian oil supplies to the Czech Republic via the Druzhba pipeline resumed on Friday, Czech refiner Orlen Unipetrol’s CEO Mariusz Wnuk said.

Russia is expected to produce 518-521 million metric tons (10.36-10.42 million barrels per day) of oil this year and roughly the same amount in 2025, Interfax new agency quoted Deputy Prime Minister Alexander Novak as saying on Thursday.

U.S. oil producer Chevron said on Thursday it will take up to $1.5 billion in fourth-quarter charges for restructuring, asset impairments and property sales costs.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Shailesh Kuber)