Framelets (a.k.a. wavelet frames) are of interest in both theory and applications. Quite often, tight or dual framelets with high vanishing moments are constructed through the popular oblique extension principle (OEP). Though OEP can increase vanishing moments for improved sparsity, it has a serious shortcoming for scalar framelets: the associated discrete framelet transform is often not compact and deconvolution is unavoidable. Here we say that a framelet transform is compact if it can be implemented by convolution using only finitely supported filters. On the other hand, in sharp contrast to the extensively studied scalar framelets, multiframelets (a.k.a. vector framelets) derived through OEP from refinable vector functions are much less studied and are far from well understood. Also, most constructed multiframelets often lack balancing property which reduces sparsity. In this paper, we are particularly interested in quasi-tight multiframelets, which are special dual multiframelets but behave almost identically as tight multiframelets. From any compactly supported \emph{refinable vector function having at least two entries}, we prove that we can always construct through OEP a compactly supported quasi-tight multiframelet such that (1) its associated discrete framelet transform is compact and has the highest possible balancing order; (2) all compactly supported framelet generators have the highest possible order of vanishing moments, matching the approximation/accuracy order of its underlying refinable vector function. This result demonstrates great advantages of OEP for multiframelets (retaining all the desired properties) over scalar framelets.