Middle East crude benchmarks Oman, Dubai and Murban moved lower for a second session on Friday as the market expected OPEC+ to increase output for another month in July.
The rising supply outlook also weighed on oil prices, with Brent and WTI declining for a fourth consecutive session on Friday. They were set for their first weekly decline in three weeks.
Benchmarks were little moved on weekly basis.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 13 cents to $1.08 a barrel.
NEWS
The Caspian Pipeline Consortium (CPC) said on Friday that the Kropotkinskaya pumping station, which was damaged by a drone attack in February, is back in operation.
Spot premiums for Murban crude have hit six-month lows on surging supply as the United Arab Emirates ramps up output following OPEC+’s decision to accelerate production hikes and compete head-on with U.S. shale oil, traders and analysts said.
Oil producer Chevron’s CVX U.S. license to operate in Venezuela will expire on May 27 as planned, Secretary of State Marco Rubio said in a post on his personal X account.
Kazakhstan will likely exceed its original oil output plans for 2025 of 96.2 million tons due to expansion at the Chevron-led CVX Tengiz field, Energy Minister Erlan Akkenzhenov was quoted as saying, defying pressure from OPEC+.
Source: Reuters