Middle East Crude-Benchmarks extend declines as OPEC+ to consider another output hike

Middle East crude benchmarks Oman, Dubai and Murban extended declines on Thursday, as investors awaited a weekend meeting of OPEC+ where producers are expected to consider another increase in output targets.

Eight members of the Organization of the Petroleum Exporting Countries and allies - known together as OPEC+ - will consider further increases to production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters, as the group seeks to regain market share.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 9 cents to $3.06 a barrel.

PRICES ($/BBL)

NEWS

Russia's largest oil producer Rosneft ROSN has secured an additional deal on supply of 2.5 million metric tons of oil per year to China via Kazakhstan, Interfax news agency quoted Russian Energy Minister Sergei Tsivilev as saying on Thursday.

U.S. oil and gas producer ConocoPhillips COP will cut 20-25% of its workforce as part of a broad restructuring, a company spokesperson said on Wednesday, after five sources told Reuters that CEO Ryan Lance detailed the plans in a morning video message.

Saudi Aramco is planning to sell U.S. dollar-denominated Islamic bonds as soon as this month, two sources with direct knowledge of the matter told Reuters, as it seeks to lever its balance sheet amid weaker oil prices.

Venezuela's oil exports surpassed 900,000 barrels per day in August, the highest level since November, after energy producer Chevron CVX received a license that has allowed the OPEC country's crude to return to the U.S. market after a four-month pause, shipping data showed.

For crude prices, oil product cracks and refining margins, please click on the RICs below.