Middle East Oil Prices Jump After Surprise OPEC+ Cuts

The surprise OPEC+ cuts not only lifted international oil prices but also strengthened the bullish futures structure of the main Middle Eastern benchmarks, off which the major Gulf producers price their crude going to Asia. The Dubai crude and the Dubai swaps have jumped and narrowed the gap with the price of Brent Crude after the shock OPEC+ announcement. Analysts are not ruling out the possibility that Dubai crude could move into a premium above Brent in the coming months with the Chinese reopening and the expected increase in imports in the…