Middle East Crude-Benchmarks dip ahead of OPEC+ meeting

OPEC+ is considering rolling over oil production cuts from March into April

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai dipped on Wednesday amid uncertainty over how much supply the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, will restore to the market at its Thursday meeting.

OPEC+ is considering rolling over oil production cuts from March into April instead of raising output because of fragile oil markets and the global economic recovery, three OPEC+ sources told Reuters. 

The market had widely expected the group to ease their production cuts. 

ASIA-PACIFIC CRUDE:

Indonesia has set the official Indonesia Crude Price (ICP) for Minas crude oil at $61.42 a barrel for February, up $7.01 from the previous month, a pricing document showed.

In the spot market, Indonesia's Pertamina is seeking crude and condensate for May arrival via a Wednesday tender with bids valid till Friday.

Malaysia's Petronas offered a 200,000-barrel Berantai crude cargo, loading April 1-7, via a Wednesday tender with bids valid till Thursday.

Sahara Energy offered 300,000 barrels of Indonesia's Banyu Urip crude, loading May 1-10, at $1.40 a barrel above dated Brent via RIM Trading board, but did not attract any buyers.

NEWS

OPEC sees a generally positive oil market outlook with last year's uncertainty easing, but downside risks caused by the pandemic persist, the group's secretary general and its experts said on Tuesday. 

Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic, it said on Wednesday. 

Abu Dhabi National Oil Company (ADNOC) will remove all destination restrictions for all its crudes, and has signed deals to explore use of Murban futures with Chinese end users, a senior ADNOC executive said on Wednesday. 

(Reporting By Shu Zhang; Editing by Shailesh Kuber) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))


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