Middle Eastern benchmarks Oman and Murban extended losses on Tuesday as spot trades winded down towards the end of the month and as the market awaited for the major oil producers to reveal their output policy.
Spot premiums for Oman and Murban fell to $1.05 and $1.09 a barrel over the Dubai quotes, respectively, from $1.50 and $1.34 in the prior session.
OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday.
The meeting, delayed from Nov.26, will begin at 1300 GMT on Thursday to decide oil output levels, according to a draft agenda seen by Reuters on Monday.
Meanwhile, the market was monitoring the progress of the resumption of Northern Iraqi crude exports, which is expected in early 2024 and could intensify the surplus of global oil supply situation.
Iraqi oil officials will meet representatives of international oil companies and Iraqi Kurdish officials in early December to discuss contract changes central to the latest efforts to resume northern crude exports via Turkey, a deputy minister said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 13 cents to $1.79 per barrel.
ExxonMobil will deliver one January-loading Murban to Glencore following the trades.
SOURCE: HELLENIC SHIPPING NEWS
