Middle East Crude-Benchmarks fall to 11-month low | ZAWYA MENA Edition

Middle East Crude-Benchmarks fall to 11-month low | ZAWYA MENA Edition:

Middle East crude benchmarks Oman and Dubai fell on Thursday to their lowest level since March 2019 as the coronavirus outbreak slowed economic activity and hurt demand.

An OPEC+ technical committee may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day in response to the virus outbreak's impact on energy demand and global economic growth, two sources told Reuters. 

Saudi Arabia has cut the March official selling price (OSP) for its Arab Light grade for Asian customers by 80 cents a barrel, setting it at a premium of $2.90 versus the Oman/Dubai average, state oil company Saudi Aramco said on Wednesday. 

ONGC has offered 2.9-3.0 million barrels of UAE's Das crude for delivery over April-September in a spot tender closing on Feb. 12 with bids valid till Feb. 13.