Spot premiums for Middle East crude benchmarks Dubai and Murban rose slightly on Friday, while Oman premiums eased for a third straight session.

The premiums are still more than $1 a barrel higher than last month’s average, Reuters data showed.

SAUDI OSP

Top oil exporter Saudi Arabia is expected to cut October prices for most of the crude grades it sells to Asia after Middle East benchmark Dubai slumped last month.

The October official selling price (OSP) for flagship Arab Light crude is expected to fall by between 50 cents and 70 cents a barrel.

The Abu Dhabi National Oil Company (ADNOC) has set the October official selling price (OSP) of its benchmark Murban crude at $77.94 a barrel.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps was at $2 a barrel, up from $1.98 on Thursday and an average of 90 cents a barrel last month.

Asian refiners’ margins slumped to their lowest seasonal levels since 2020 this week as supplies of diesel and gasoline rose after peak summer travel demand ended.

Iraq cut its oil exports to 3.3 million barrels per day (bpd) as of Aug. 27 and will keep this reduced level in the coming months.
Source: Reuters (Reporting by Sudarshan Varadhan; editing by Jason Neely)