Middle East crude benchmark premium for Dubai fell to a close to two month low on Friday, while that for Murban plunged to the lowest since early August.
Oman’s energy ministry issued a tender earlier this week and sold 1 million barrels of November-loading Oman crude to Unipec, trader sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 34 cents to $1.18 a barrel, the lowest since Aug.29.
ExxonMobil will deliver a December-loading Upper Zakum crude cargo to TotalEnergies following the deals.
Reliance will deliver a December-loading Oman crude cargo to TotalEnergies following the deals.
REFINERY
Indian refiner Hindustan Petroleum HPCL.NS reported an eight-fold drop in second-quarter profit on Friday, hurt by lower marketing margins.
NEWS
Russia’s crude oil exports from its three main western ports will drop by 13% in November from the previous month to 1.95 million barrels per day (or some 8 million metric tons) as refinery maintenance season is over, two trade sources said on Thursday.
India’s Reliance Industries RELI.NS, operator of the world’s biggest refining complex, is restructuring its trading operations, including moving most of its Dubai crude oil trading team back to Mumbai, two sources familiar with the plan said.
Top executives of two U.S. energy pipeline operators on Thursday ruled out building new crude oil lines to move volumes out of the Permian shale field in West Texas because of tepid volume growth and difficulties constructing new lines.
Source: Reuters (Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Shreya Biswas)