Middle East crude benchmark Dubai fell for a second consecutive session on Monday as Saudi Aramco is keeping supplies to Asia steady for November.

The Saudi state oil giant has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Monday. read more

The full supply allocation comes despite a decision by the Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, to lower their output target by two million barrels per day.

Meanwhile, benchmark Oman was little changed compared to Friday.

CHINA
China has issued the first batch of crude oil import quotas for 2023, mainly to independent refiners, four sources familiar with the matter said on Saturday. read more

The volume issued is about 20 million tonnes (146 million barrels), one source said, nearly three months earlier than usual, in an attempt to encourage refiners to boost production.

SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 28 cents to $5.40 a barrel.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Shailesh Kuber)