Home    News    Oman News

Oman crude price rises as Saudi sticks to Opec cuts

MUSCAT — The price of Oman crude for immediate loading increased $2.33, or 5.5 per cent yesterday, to $44.45 a barrel on signs that Saudi Arabia is adhering to its Opec production cuts than thought.

Oman crude oil for February loading rose 1 cent to a premium of 9 cents a barrel to its official price. Oman crude oil futures for February delivery, however, fell 36 cents to $44.79 a barrel on the Dubai Mercantile Exchange.

The settlement price was set at $43.24 a barrel yesterday.

Dubai oil for loading in February climbed $1.76, or 4.2 per cent, to $43.61 a barrel. Mirban crude rose 5.3 per cent to $45.01 a barrel.

Abu Dhabi’s Mirban remained at a discount of 16 cents a barrel to its official selling price.

Saudi Arabia’s Oil Minister Ali Al Nuaimi said yesterday the country was absolutely in line with the output cuts the Organisation of Petroleum Exporting Countries (Opec) enacted on October 24.

State-owned Saudi Aramco told refiners in Asia it was cutting January cargoes by up to 10 per cent. Output in November was 573,000 barrels above the target.