Negotiations between the US and Iran stall, Dubai crude oil discount in the Middle East continues to decline
- On Wednesday, the Middle East crude oil benchmark Dubai continued to decline in terms of its discount, while Murban and Oman discounts showed little change amid light trading, as US-Iran peace talks remained deadlocked. Oil prices rose more than 2% that day, extending gains from the previous session, due to renewed hostilities in the Middle East and minimal progress in negotiations between Tehran and Washington.
- The premium of physical Dubai over swaps fell by $1.93 to $7.05 per barrel. In addition, just hours before Putin convened the economic forum, Ukrainian drones attacked an oil terminal and navy base in St. Petersburg. Should Norwegian oil and gas workers go on strike on Friday, the country’s output could initially fall by about 45,500 barrels of oil equivalent. India is already seeing signs of demand slowdown due to rising oil prices.
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