Middle East Crude-Benchmarks slip amid uncertain supply outlook

Middle East crude benchmarks Oman and Dubai slipped on Thursday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai slipped on Thursday amid uncertainty over supply and demand for early next year.

OPEC+ ministers are likely to discuss pausing a planned oil output hike in January as one option during ministerial talks on Thursday, an OPEC+ source said, amid uncertainly about the impact of the pandemic on global crude demand. 

Top oil exporter Saudi Arabia may raise crude prices for Asia in January following large gains in the Middle East spot market last month, but weak refining margins and an oil reserves release by consumers may cap gains, trade sources said. 

NEWS

- Exxon Mobil on Wednesday set annual capital spending through 2027 at $20 billion to $25 billion, allocating money to low-carbon projects and extending its previously projected investment rate for two years. 

- Energy ministers from European Union countries meet on Thursday to debate their response to high gas and electricity prices, with countries still divided over whether the recent price spike should be met with an overhaul of energy market rules. 

- Mitsubishi Corp is looking to sell a fuel terminal that provides transportation fuels which meet California's stringent emissions requirements, two sources familiar with the matter told Reuters on Wednesday. 

- The Biden administration could adjust the timing of its planned release of strategic crude oil stockpiles if

(Reporting by Jessica Jaganathan; editing by Uttaresh.V) ((Jessica.Jaganathan@thomsonreuters.com; +65 6870 3822; Reuters Messaging: jessica.jaganathan.thomsonreuters.com@reuters.net; Twitter: https://twitter.com/j3ssi3))ices 0#C-A ))


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