Dubai, Oman monthly averages post two-year highs ahead of OPEC+ meeting

London (Quantum Commodity Intelligence) – Middle East crude oil benchmark prices posted the highest monthly averages for two years as benchmark Dubai and Oman contracts for July expired Monday.

Quantum's monthly average price for July Dubai crude was $66.32/b, compared to the June average of $62.90/b, while July DME Oman futures averaged $66.40/b compared to the June average of $63.19/b – both averages are the highest since May of 2019 (pricing July-loading crude).

The majority Middle East crude is pegged to Dubai and Oman underlying pricing.

Meanwhile, prices in Asia hit two-week highs Monday, as global demand outlook remains positive despite fresh COVID-19 restrictions in Asia announced over the weekend.  

Dubai cash for July delivery was assessed at $67.90b on May 31 (1630 Singapore time), up 0.42/b from Friday's Singapore close, while DME Oman futures for July settled $68.03/b at the Asia close, up $0.31/b from Friday.

The two-year averagre highs come as a welcome relief for Middle East producers ahead of Tuesday's OPEC+ virtual meeting, where the producer group will discuss accommodating the possible return of Iranian crude into the market.