Middle East Crude-Benchmarks mixed; OPEC+ delays meeting to Dec 3

Middle East crude benchmarks Oman and Dubai were mixed on Tuesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai were mixed on Tuesday, while all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month.

OPEC and allies led by Russia postponed talks on oil output policy for 2021 to Thursday, as key players still disagreed on how much oil they should pump amid weak demand due to the coronavirus pandemic, sources said. urn:newsml:reuters.com:*:nL1N2IG1W3

OPEC+ had been scheduled to hold its meeting on Tuesday at 1300 GMT.

Dubai, as quoted by price reporting agency S&P Global Platts, rose in November to an average of $43.394 a barrel - the highest since August.

ASIA-PACIFIC CRUDE:

The OSP of a basket of November-loading Malaysian crude oil grades has been set at $42.66 a barrel, state oil firm Petronas said in a pricing document. 

NEWS

Norway's oil output curbs, in place since June, are set to end on Dec. 31, the Ministry of Petroleum and Energy said on Tuesday. 

China's Shanghai International Energy Exchange (INE) said on Tuesday it would add Murban crude oil to its basket of crude grades for futures delivery beginning from June 1, 2021. 

India's diesel sales fell 7% in November from a year earlier, after rising in the previous month, according to preliminary data on state refiners' fuel sales, signalling industrial activity is still slow to pick up after a national lockdown was eased. 

Japan said on Tuesday it has reached a joint oil storage deal with state-run Kuwait Petroleum Corp (KPC) to lend it 3.14 million barrels (500,000 kilolitres) of capacity for free. 

Exxon Mobil Corp on Monday said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment, and slash project spending next year to its lowest level in 15 years. 

For crude prices, oil product cracks and refining margins, please click on the RICs below.

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


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