Middle East crude benchmarks Oman, Dubai and Murban extended declines on Tuesday.

QatarEnergy kicked off trading for crude loading in January 2025 by offering more spot cargoes via its monthly tender.

The producer offered five cargoes of al-Shaheen crude, traders said, up from 2-3 cargoes per month in 2024, as there were fewer buyers for annual supply in 2025.

The term prices for al-Shaheen in some months this year were higher than spot market levels, deterring traders from committing to full-year supplies, the sources said.

Separately, QatarEnergy also offered Qatar Marine and Land crude for January loading. The producer will close the tenders on Wednesday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 13 cents to $0.52 a barrel, a three-month low.

REFINERY

Indian Oil Corp IOC.NS said on Tuesday a fire at its Gujarat refinery had been fully extinguished and refinery operations were back to normal, even as the death toll rose to two.

NEWS

U.S. exports of crude oil to China, the world’s top oil importer, have rebounded in October from their lowest levels since 2020 amid weak Chinese fuel demand and refinery profits, but the outlook for growth in exports is glum, according to ship tracking service Kpler on Monday.

Oil and gas company Shell SHEL.L on Tuesday won its appeal against a landmark climate ruling in the Netherlands, which in 2021 ordered the oil and gas company to sharply reduce greenhouse gas emissions.

India and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in October, traders said and LSEG data showed.

QatarEnergy will buy a 23% stake from Chevron CVX.N in an offshore exploration block in Egyptian waters, it said on Monday.
Source: Reuters (Reporting by Florence Tan and Siyi Liu; Editing by Eileen Soreng)