Middle East crude benchmark spot premiums Oman, Dubai and Murban were stable on Friday, after posting upward movements in recent weeks.

Oil prices fell on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down nearly 3%.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps slipped 1 cent to $0.96 a barrel.

Exxon will deliver a February-loading Upper Zakum crude cargo to Mitsui following the deals.

Vitol will deliver a February-loading Oman crude to Total following the deals.

NEWS

U.S. President-elect Donald Trump said on Friday that the European Union may face tariffs if the bloc does not cut its growing deficit with the United States by making large oil and gas trades with the world’s largest economy.

U.S. crude oil exports to northwest Europe are likely to slip early next year after hitting a record high in November, as the arbitrage for transatlantic shipments has slammed shut and freight rates have climbed, analysts said this week.

China’s fuel oil imports hit their highest in seven months for November, customs data showed on Friday, as more supply was drawn over for the bunker pool, according to industry sources.

Venezuela’s state oil company PDVSA and India’s Reliance Industries RELI.NS have resumed an oil swap that had been paused due to U.S. sanctions on the South American country, an internal PDVSA document seen on Thursday showed.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Varun H K)