Tensions in the Middle East escalated just as oil prices declined into potentially dangerous territory for major OPEC players such as Saudi Arabia. Before October 7, Dubai was as low as $85 per barrel, borderline fiscal breakeven for Riyadh and it felt as if the bond sell-off earlier in the month could scupper the voluntary production cuts of Saudi Arabia and Russia.
Official Selling Prices for 2017-2023 set outright, here vs Oman/Dubai average. Source . The UAE’s has been one of the tacit winners of the ongoing OPEC production cuts. Pledging to cut only 144,000 b/d until the end of 2023, it keeps on ratcheting up production capacity with ’s most recent output assessment putting it around 4.65 million b/d. The pricing of the UAE’s flagship light sour grade Murban set by trading at the ICE Futures Abu Dhabi exchange, the November OSP clocked in at $93.92 per barrel, up almost $7 per barrel compared to October and accounting to a $0.73 per barrel premium to cash Dubai’s monthly average in September. The manually set formula prices of Das, Umm Lulu and Upper Zakum saw only marginal changes.