Middle East crude benchmark spot premiums of Oman, Dubai and Murban fell on Tuesday as U.S. President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.

Benchmarks rallied on Monday during Asian hours as the market feared U.S. President Donald Trump would announce tougher sanctions on Russian oil trade, tightening supply.
Later on Monday, Trump announced new weapons for Ukraine, and threatened sanctions on buyers of Russian exports unless the country agrees a peace deal, a major policy shift brought on by frustration with Moscow’s ongoing attacks on its neighbour.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 28 cents to $2.98 a barrel.

NEWS

China’s crude oil throughput in June rose 8.5% from a year earlier, official data showed on Tuesday, as state-owned refineries increased operations and saw a recovery in profit, according to consultancies.

Chinese state-owned refiners are ramping up output after completing maintenance to meet higher third-quarter fuel demand and to rebuild diesel and gasoline stocks which are at multi-year lows, traders and analysts said.

Kazakhstan’s oil output in the first half of 2025 rose by around 11.6% to 49.9 million metric tons from the same period in 2024, while the country has no plans to leave the OPEC+ group of global leading oil producers, senior officials said on Tuesday.

Lacklustre fuel demand at top global ship refuelling hub Singapore is squeezing margins for bunker suppliers and prompting some to pare back barge operations, industry sources said.
Source: Reuters