: Dubai and Murban, key Middle Eastern oil benchmarks, witnessed a drop in spot premiums following OPEC+'s announcement of voluntary output cuts totaling 2.2 million barrels per day for early 2024. Led by Saudi Arabia, the move aimed to counter concerns of a potential oil surplus. Market skepticism persists regarding the effectiveness of these cuts in curbing the global oil inventory build-up. Additionally, Saudi Arabia is contemplating reducing the price for Arab Light crude, while Brazil eyes joining OPEC+ in January without committing to coordinated output caps.

SOURCE: GOOGLE