Middle Eastern benchmarks Oman and Murban experienced continued losses as the month-end approached and anticipation grew regarding major oil producers' forthcoming output policies. Spot premiums for Oman and Murban dropped to $1.05 and $1.09 per barrel over Dubai quotes, respectively. OPEC+ is considering deeper oil production cuts, with its delayed policy meeting now scheduled for Thursday due to a quota disagreement among some producers. The market is also closely monitoring the potential resumption of Northern Iraqi crude exports in early 2024, which could contribute to the global oil supply surplus. Additionally, Singapore cash deals saw Dubai's premium to swaps rise to $1.79 per barrel. The news includes ExxonMobil's delivery of January-loading Murban to Glencore and OPEC Secretary General accusing the International Energy Agency (IEA) of vilifying the oil and gas industry. In the U.S., crude stockpiles were expected to decrease, while distillate and gasoline inventories likely rose. Bad weather affecting Russia's Novorossiysk Black Sea terminal has restricted oil exports, and Chevron is working to recover operations at a refinery in California after a power cut triggered an incident.

SOURCE: GOOGLE