Middle East crude benchmark premiums eased on Thursday, with that for Oman and Dubai hitting a level lowest in about two weeks.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 24 cents to $1.36 a barrel, lowest since Dec.24.

Unipec will deliver a March Oman crude cargo to TotalEnergies following the deals.

ExxonMobil will deliver a March Upper Zakum crude cargo to TotalEnergies following the deals.

NEWS

Saudi Arabia’s crude oil supply to China is set to decline in February from the month before, trade sources said on Thursday, after the kingdom hiked its prices and as OPEC+ extended production cuts in the first quarter.

The price of prompt Brent crude futures on Wednesday rose to a near five-month high over the price for oil six months later due to tightening supply and expectations for a revival in Chinese demand.

Guyana’s oil exports rose 54% last year to some 582,000 barrels per day (bpd), fueled by European refiners’ demand for easy-to-process sweet crudes to replace some Middle Eastern grades, according to traders and shipping data from financial firm LSEG.

Global energy major has pledged to lift oil production by 44% and gas output by 89% from India’s largest field off its west coast, under a decade-long contract, according to block operator Oil and Natural Gas Corp ONGC on Thursday.
Source: Reuters