Middle East crude benchmark spot premium of Dubai increased on Friday, after plunging to a 22-month low in the previous session, while those of Oman and Murban were little changed.

On a weekly basis, Oman and Dubai posted sharp falls as pressure from rising supplies weighed. Markets are waiting for the OPEC+ to meet on Sunday and the group may agree on another output hike in November.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 43 cents to $0.80 a barrel.

NEWS

A fire broke out at Chevron’s El Segundo refinery, one of the largest on the U.S. west coast, California Governor Gavin Newsom’s press office said on Thursday, with a county official adding that the flames had been confined to one area.

OPEC’s oil output rose further in September after an OPEC+ agreement to raise production, a Reuters survey found on Thursday, mainly due to higher production by the United Arab Emirates and Saudi Arabia.

BP BP. will seek a partner for its major Bumerangue oil discovery in Brazil and could close a deal before making a final investment decision on the project, the oil major’s country head said on Thursday.

Russia’s seaborne diesel and gasoil exports dropped 20% in September from August to about 2.4 million metric tons, as unplanned refinery outages triggered by Ukrainian drone strikes curbed production, data from market sources and LSEG showed.
Source: Reuters