The Middle East crude benchmark spot premiums of Oman, Dubai and Murban moved up on Wednesday after QatarEnergy raised the term price for al-Shaheen crude oil loading in February.
Qatar set the price at a premium of $1.05 per barrel above Dubai quotes, up 32 cents per barrel from for January-loading cargoes, according to trade sources on Wednesday.
Qatar sold two al-Shaheen cargoes to Glencore GLEN.L and one cargo to Totsa at a premium of $0.9-1.05 a barrel above Dubai prices, the sources said.
Qatar has also awarded a Qatar Marine crude cargo at a premium of $0.3 a barrel above Dubai prices and a Qatar Land crude cargo at a premium of $0.1 a barrel above Dubai prices to PTT, according to the sources.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 5 cents to $0.94 a barrel.
Reliance will deliver a February-loading Upper Zakum crude cargo to Total following the deals.
Vitol will deliver a February-loading Oman crude cargo to Total following the deals.
NEWS
Saudi Arabia’s crude oil exports in October rose to their highest level in four months, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.
OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group’s efforts to support prices.
Britain sanctioned 20 ships on Tuesday for allegedly carrying illicit Russian oil, its latest measures targeting Russia’s so-called shadow fleet in response to the 2022 invasion of Ukraine.
China’s gasoline exports rebounded in November to the highest level since August 2023, customs data showed on Wednesday, as exporters rushed to sell products before a cut in tax rebates came into effect this month.
Iran’s Revolutionary Guards have tightened their grip on the country’s oil industry and control up to half the exports that generate most of Tehran’s revenue and fund its proxies across the Middle East, according to Western officials, security sources and Iranian insiders.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Tasim Zahid)