0750 GMT - OPEC+'s larger-than-expected supply increase for May is likely to widen the Brent-Dubai spread and bring more medium sour crude to the market, according to ING analysts. For much of the year, the spread has been narrower than usual, partly due to OPEC+'s decision to withhold large volumes of oil and tougher U.S. sanctions on sour crude producers Iran, Venezuela and Russia. A wider spread means the Dubai benchmark is priced lower compared to Brent, making Middle Eastern crude more attractive to Asian buyers. "Possibly, the group feels that the prospect of stricter sanctions against Venezuela and Iran allows them to increase supply. Or maybe President Trump has been successful in convincing the Saudis to increase supply," Warren Patterson and Ewa Manthey say. "Either way, this brings forward the expected surplus that we see in the oil market this year." (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
April 04, 2025 03:50 ET (07:50 GMT)
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