Middle East Crude-Benchmarks Rise After OPEC+ Holds Oil Output Steady
MichelleMiddle East crude benchmarks Oman, Dubai and Murban climbed on Monday, following their drop in November, after OPEC+ in a Sunday meeting agreed to leave oil output levels unchanged for the first quarter of 2026.
Middle East crude benchmarks Oman, Dubai and Murban climbed on Monday, following their drop in November, after OPEC+ in a Sunday meeting agreed to leave oil output levels unchanged for the first quarter of 2026.
Oil prices also reacted positively to the news, up 2% on Monday, also supported by the Caspian Pipeline Consortium halting exports after a major drone attack and U.S.-Venezuela tensions raised concerns about supply.
Indian Oil Corppurchased three million barrels of January-loading West African crude via a tender last week, trade sources said.
The refiner bought one million barrels of Kissanje crude from Equinor, one million barrels of Kole and Nemba crude each from Chevron, they said.
Taiwan's CPC Corporation bought four million barrels of U.S. West Texas Intermediate crude for February arrival via a tender, sources said.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 17 cents to 78 cents a barrel.
SELLER-BUYER | PRICE ($/BBL) |
HENGLI-GLENCORE* | 64.24 |
BP-TOTAL* | 64.24 |
SINOCHEM*-GLENCORE | 64.24 |
PRICES ($/BBL)
CURRENT | PREV SESSION | |
GME OMAN | 64.26 | 64.10 |
GME OMAN DIFF TO DUBAI | 0.80 | 0.57 |
CASH DUBAI | 64.24 | 64.14 |
NEWS
Kazakhstan told Ukraine on Sunday to stop attacking the Black Sea terminal of the Caspian Pipeline Consortium, which handles more than 1% of global oil, after a major drone attack halted exports and seriously damaged loading infrastructure.
U.S. oil major Chevronsaid late on Sunday that loadings of its Tengizchevroil venture's crude oil were continuing at the Russian port of Novorossiysk following a Ukrainian naval drone attack which heavily damaged key equipment.
The outcome of Sunday's OPEC+ meeting marked a turning point, state TV Al Ekhbariya reported, citing Saudi Energy Minister Prince Abdulaziz bin Salman on Monday.
TotalEnergieswill sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron, in a move aimed at strengthening collaboration between the French and U.S. energy giants, the company said on Monday.
