Middle East crude benchmarks Oman, Dubai and Murban inched up on Friday whilst the market awaited for top oil exporter Saudi Arabia to reveal its February official selling prices (OSPs).

State oil giant Saudi Aramco is expected to disclose the prices over the weekend or on Monday. A Reuters survey showed that Saudi Aramco is likely to slash its oil prices to Asian clients to one-year-low levels.

Meanwhile, China’s oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world’s biggest crude importer, refinery and trade sources said.

The cutback in Iranian oil, which makes up some 10% of China’s crude imports and hit a record in October, could support global prices and squeeze profits at Chinese refiners.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 7 cents to $0.63 per barrel.

NEWS

India approved signing a 5-year memorandum of understanding (MoU) with Guyana to cooperate in the hydrocarbon sector as the South Asian nation looks to diversify its oil import sources.

U.S. gasoline and distillate inventories posted large builds last week as demand slipped, while crude stocks fell more than expected, the Energy Information Administration said on Thursday, news that sank prices for crude, gasoline and heating oil.

Kuwait’s Al Zour refinery has issued a spot sales tender offering very low sulphur fuel oil (VLSFO) for the first time in more than three months, trade sources said on Thursday.

The Caspian Pipeline Consortium (CPC) exported a record 63.5 million metric tons (1.36 million barrels per day) of oil in 2023 via its marine terminal near the Russian port of Novorossiisk, it said on Thursday.
Source: Reuters (Reporting by Muyu Xu;Editing by Elaine Hardcastle)