Middle East Crude-Benchmarks rise, Dubai gains for third straight session

Middle East crude benchmarks Oman, Dubai and Murban all rose on Friday, with Dubai premiums gaining for a third consecutive session.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 19 cents to $1.79 a barrel.

OSP

– The Abu Dhabi National Oil Company (ADNOC) has set the November official selling price (OSP) of its benchmark Murban crude at $73.41 a barrel, it said on Friday, down from October’s OSP of $77.94.

NEWS

– Kazakhstan increased crude oil production in September by 10% compared to August to 6.55 million tons, exceeding OPEC+ quotas, according to two sources familiar with the data and Reuters calculations.
– Libya’s National oil Corp (NOC) lifted the force majeure at all Libyan oilfields and terminals as of Thursday, the state oil firm said in a statement, paving the way for the OPEC producer to raise oil output significantly.

– Spain’s crude oil imports from Venezuela have this year reached levels not seen since 2009, according to data released on Friday by Cores, an arm of Spain’s energy and environment ministry.
– OPEC oil output fell in September to its lowest this year, a Reuters survey found on Thursday, as unrest disrupted Libyan supply and Iraq made progress in complying with its cutbacks pledged to the wider OPEC+ alliance.
Source: Reuters (Reporting by Emily Chow; Editing by Shreya Biswas)