Middle East crude benchmark spot premiums of Oman, Dubai and Murban gained on Monday after OPEC+ decided a more moderate-than-expected output hike for November.
On Sunday, the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers said it would raise production from November by 137,000 barrels per day (bpd), matching October’s figure, amid persistent concerns over a looming supply glut.
Following the decision, Saudi Arabia, the world’s leading oil exporter, has left the official selling price of its flagship Arab Light crude to Asia unchanged.
The kingdom set the November official price at $2.20 a barrel above the /Dubai average, matching the level set for October, according to a document reviewed by Reuters on Monday.
The November prices for other grades — Arab Medium and Arab Heavy — fell by 30 cents to $1.45 and 10 cents a barrel, while that for Arab Extra Light remained unchanged at $2.50 a barrel, the document said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 21 cents to $1.01 a barrel.
PetroChina will deliver a December-loading Upper Zakum crude cargo to Mitsui following the deals.
NEWS
The Rosneft-controlled Tuapse oil refinery in Russia’s southern Krasnodar region was targeted by Ukrainian drones overnight, causing a fire at a building for security staff which was quickly out, regional authorities said on Monday.
Exports of U.S. crude oil climbed to the highest level in over a year and a half in September, ship tracking data showed, as U.S. refineries began seasonal maintenance and Asian demand increased.
U.S. energy firms this week kept the number of oil and natural gas rigs virtually unchanged, energy services firm Baker Hughes BKR said in its closely followed report on Friday.
Libya’s Waha Oil Company, a subsidiary of state-run National Oil Corporation, has repaired a leak in the Zaggut-Sidra oil pipeline after a brief shutdown, it said on Sunday.
Source: Reuters
