Oman, Murban extend losses, OPEC+ meeting in focus

Middle East crude benchmarks Oman and Murban extended losses on the last trading session of November amid thin trade, while the market is waiting for cues on output adjustment from major oil producers.

The OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter told Reuters on Wednesday.

Focus is also on the pending European Union deal on a price cap on Russian oil ahead of a Dec. 5 deadline imposed by the bloc for a full embargo on purchases of Moscow's seaborne crude.

OSP

The official selling price (OSP) for Oman crude oil will fall by $4.64 to $86.15 a barrel in January 2023, according to Reuters calculations based on data from the Dubai Mercantile Exchange (DME).

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps dipped 3 cents to $2.25 a barrel.

PRICES ($/BBL)

ASIAN REFINERIES

China National Offshore Oil Corp (CNOOC), plans to shut part of its Huizhou refinery in southern China for a major plant overhaul in March lasting for up to 50 days, two sources with knowledge of the plan said on Tuesday.

NEWS

The International Energy Agency expects Russian crude production to be curtailed by some 2 million barrels of oil per day by the end of the first quarter next year, its chief Fatih Birol told Reuters on Tuesday.

Norway will not issue licences for energy companies to explore for oil and gas in frontier areas during the life of the current parliament, which ends in 2025, its oil and energy minister told Reuters on Tuesday.

Venezuela will soon sign new contracts to boost oil joint ventures between state firm PDVSA and private energy companies, the country's oil minister Tareck El Aissami said on Tuesday, a move that will benefit Chevron Corp CVX.

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