Middle Eastern benchmarks Oman, Dubai and Murban rose on Friday amid improving refining margins and expectations of prolonged production reduction from Saudi Arabia.

Profits at a typical Singapore refinery processing Dubai crude recovered to $3.85 a barrel, a peak in more than two weeks. DUB-SIN-REF

Meanwhile, top oil exporter Saudi Arabia will probably reconfirm in the coming days the extension of its voluntary oil-output cut of 1 million barrels per day through December, six analysts told Reuters, which could put a floor to oil prices.

OSP
The Abu Dhabi National Oil Company (ADNOC) has set the December official selling price (OSP) of its benchmark Murban crude at $91.00 per barrel, it said on Thursday, down from a November OSP of $93.92.

SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 3 cents to $2.01 a barrel.

No trade was done at the Platts window.

NEWS
China’s PetroChina 601857.SS is proposing to buy up to 8 million barrels a month of Venezuelan crude from state-run oil company PDVSA, according to four people familiar with the matter, hoping to resume a trade suspended four years ago by U.S. sanctions.

Russia had no plans to lift restrictions on exports of fuel in the near future and easing the export limits will be possible only when the volumes have nowhere else to go, Deputy Prime Minister Alexander Novak was quoted as saying by RIA on Friday.

Russia on Friday dismissed new U.S. sanctions over the war in Ukraine, saying that the United States would never defeat Moscow, while the boss of Russia’s fastest-growing natural gas company quipped the sanctions were a badge of success.

Nigeria’s state oil firm NNPC Ltd will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six cargoes of crude oil in December to be used in test runs, three industry sources with knowledge of the matter said.
Source: Reuters (Reporting by Muyu Xu; Editing by Shweta Agarwal)