Middle East Crude-Benchmarks fall for a second day on OPEC+ output increase

SINGAPORE, March 4 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban posted a second sharp drop on Tuesday after OPEC+ decided to proceed with a planned April oil output increase of 138,000 barrels per day, the group's first since 2022.

Spot premiums stood at levels around the lowest since late December, after a strong rally in January driven by U.S. sanctions on Russia.

The market is awaiting for Saudi Arabia's announcement of its April prices which normally come around the fifth of each month.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell $2.71 to $0.62 a barrel.

PRICES ($/BBL)

NEWS

Canada's oilfield drilling and services sector is already showing signs of slowing due to U.S. President Donald Trump's threatened tariffs, triggering fears that an expected industry rebound could stall if such levies go forward.

OPEC+ has decided to proceed with a planned April oil output increase, the group said on Monday, a move that follows U.S. President Donald Trump renewing pressure on OPEC and Saudi Arabia to bring down prices.

Kazakhstan raised crude oil and gas condensate production in February by 13% from January to a record high 2.12 million barrels per day, a source told Reuters on Monday, again exceeding its quota within the OPEC+ group of oil producers.

Abu Dhabi National Oil Company and Austria's OMV OMVV.VI will merge their polyolefin businesses to create a $60 billion chemicals powerhouse, the companies said, as the Gulf state oil firm advances its aggressive growth strategy.

Ecuador's government awarded an onshore oil contract to a consortium led by China's state-owned producer Sinopec 600028.SS on Monday, in a push to grow crude output from the country's Sacha block.

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

(Reporting by Siyi Liu in Singapore; Editing by Maju Samuel)

((siyi.liu@thomsonreuters.com;))

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