OPEC, Russia and nine other allies delivered a new production cut deal Friday, just hours after it appeared their pact was close to unravelling.

Benchmark cash Dubai and Oman crude premiums fell Friday at the end of the Platts Market on Close assessment process for sour crude, even as OPEC+ announced deeper production cuts for the groups supply output, a large chunk of which is priced against the two benchmarks.

The front-month European low sulfur gasoil crack has declined about 6.5% from one month ago, a trend that cash market sources said was likely to attributable to slack regional demand.

Brazilian state-led oil giant Petrobras remains tightly focused on developing its huge offshore oil and gas resources despite rapidly escalating public concerns over the climate impact from fossil fuels, its chief executive said Friday.

Combined stock levels for fuel oil in the Amsterdam-Rotterdam-Antwerp hub climbed 51,000 mt or 5.4% to 935,000 mt in the week to Wednesday, according to data from Insights Global, just 26 days before the sulfur cap on marine fuel decreases from 3.5% to 0.5% next year.

Most suppliers were understood to have ceased offering the high sulfur grade, with only Sinopec and Chimbusco continuing to import HSFO for sale, market sources said.

The build comes as the market continues to gear up for growing demand in low sulfur fuels for bunkering, with less than a month to go before IMO's 0.5% sulfur mandate kicks off in January 2020.