Middle East crude benchmark spot premiums for Oman and Dubai slid on Tuesday, while that for Murban rose.

Dubai has set its official selling price for February 2025 crude oil at the average of GME Oman marker prices in December 2024, its Department of Petroleum Affairs said on Tuesday.

Taiwan’s Formosa Petchem bought a rare Brazilian crude oil cargo via tender, trade sources said on Tuesday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 6 cents to $0.77 a barrel.

Trafigura will deliver a January-loading al-Shaheen crude cargo to TotalEnergies following the deals.

ExxonMobil will deliver a January-loading Upper Zakum crude cargo to TotalEnergies following the deals.

Reliance will deliver a January-loading Upper Zakum crude cargo to PetroChina following the deals.

NEWS

China’s state energy group CNPC aims to produce 1.7 million metric tons of shale oil, or 12.4 million barrels, next year at a pilot project in northwest Xinjiang region, state news agency Xinhua reported on Tuesday.

The supply of oil and gas will be plentiful, with oil markets being “comfortable” this year and next unless a major geopolitical escalation happens, the head of the International Energy Agency (IEA) Fatih Birol told a conference in Norway on Tuesday.

OPEC+ may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan’s Energy Minister Parviz Shahbazov told Reuters, as the group had already postponed hikes amid demand worries.

Court advisers have billed nearly $30 million for a stalled auction of shares in a parent of Venezuela-owned oil refiner Citgo Petroleum, raising the ire of creditors that have waited years to get compensation.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Shreya Biswas)