Brent crude fell to a fresh four-year low under $72 a barrel on Friday after Opec decided not to cut output, a move investors said would leave oil markets heavily oversupplied.
Saudi Arabia blocked calls from poorer members of the
The official selling price (OSP) for Oman crude in January will drop by $8.72 to $78.24 a barrel, the lowest since November 2010, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Friday.
Gulf oil producers led by Saudi Arabia on Thursday won the case for keeping Opec output unchanged, overriding calls from poorer members of the exporters' group for action to halt a slide in crude prices.
Benchmark Brent crude
South Korea has transferred $500 million to Iran to pay for crude oil imports under an interim nuclear deal that provides limited relief from sanctions, two sources with direct knowledge of the matter said.
A panel of national representatives reviewed Opec's oil market outlook for 2015, Opec sources said, preparing the ground for a policy-setting meeting Thursday that will decide how to address a looming oversupply of crude.
Brent crude oil rose to near $81 a barrel on Friday after China cut interest rates and on speculation that Opec could agree next week to reduce oil production.
China's central bank cut its benchmark interest rates for the firs
Yemeni government revenues from crude oil exports dropped almost 35 per cent in the first nine months of 2014 to $1.34 billion from $2.04 billion the same period a year earlier, official figures published showed.
India bought 60 per cent more Iranian oil in October than a year ago as refiners held to higher volumes despite signs that world powers and Iran might not reach a final agreement on Tehran's disputed nuclear programme before a November 24
Brent crude edged above $78 a barrel on Friday but remained close to a four-year low because of concern over excess supply and uncertainty over whether oil cartel Opec would cut production at a meeting in two weeks.