Middle East crude benchmarks Oman, Dubai and Murban drifted lower for a third session on Wednesday amid a decline in oil prices.
Oil prices trended lower after Trump on Monday laid out a sweeping plan to maximise oil and gas production, including declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the U.S. from the Paris climate pact.
Taiwan’s CPC bought about six million barrels of WTI Midland crude from Shell SHEL, Vitol and ATC at around $5 a barrel above March-dated Brent for April arrival, trade sources said on Wednesday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 24 cents to $4.46 a barrel.
Reliance will deliver a March-loading Upper Zakum crude cargo to TotalEnergies following the deals.
Unipec will deliver a March-loading Murban crude cargo to TotalEnergies following the deals.
NEWS
Saudi Arabia’s crude oil exports in Nov rose to 6.206 million barrels per day from 5.925 million bpd in Oct, official data showed on Wednesday.
Chinese state oil and gas company CNOOC 600938 has lifted its 2025 production target by 5.6-8.3% to a record high versus 2024 output.
Sri Lanka’s foreign minister said on Wednesday that the South Asian island nation had signed an agreement with Chinese state energy giant Sinopec 600028 to fast-track a proposed $3.7 billion oil refinery in its southern port city of Hambantota.
Indonesia will exempt oil and gas exporters from its new rule that all proceeds from natural resource exports be kept onshore for a year, as companies urge adjustments to the rule out of concern over its impact on their cashflows.
Source: Reuters