Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban crude inched just above $2 a barrel on Monday, with trade for November-loading cargoes to commence this week.

QatarEnergy has issued three tenders to sell crude which will close on Tuesday.

For regional grades, PV Oil has closed a tender to sell a cargo of Chim Sao crude for November loading.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 6 cents to $2.04 a barrel.

REFINERY

China’s oil refinery output in August fell 6.2% from a year earlier, official data showed on Saturday, declining for the fifth month as disappointing fuel demand and weak export margins curbed production.

Refiners processed 59.07 million metric tons of crude oil last month, data from the National Bureau of Statistics (NBS) showed, equivalent to 13.91 million barrels per day (bpd).

State-run explorer Oil India Ltd OILI.NS hopes to operate its refinery in the northeastern state of Assam at an expanded capacity of 180,000 barrels per day (bpd) in the fiscal year to March 2027, Chairman Ranjit Rath said on Saturday.

NEWS

Nearly a fifth of crude oil production and 28% of natural gas output in U.S. Gulf of Mexico federal waters remains offline in the aftermath of Hurricane Francine, the U.S. offshore energy regulator said on Sunday.

Russia’s Urals crude oil price rose on Friday above the $60/barrel limit imposed by Western nations as the Brent price climbed back after a dramatic fall earlier this week, traders said and Reuters calculations showed.

A Nigerian presidential committee announced on Friday that state-owned oil company NNPC Limited will distribute gasoline from the 650,000 barrels-per-day Dangote Refinery to the local market, ending the deadlock that had stalled distribution.
Source: Reuters (Reporting by Florence Tan; Editing by Tasim Zahid)