Middle East crude benchmark premiums for Dubai, Oman and Murban declined on Wednesday, with that for Oman hitting an over three-week low.

Taiwan’s Formosa Petrochemical has bought 4 million barrels of Oman crude for January arrival at 20-30 cents per barrel above Dubai quotes from Vitol and Shell, trader sources said.

Indian Oil Corp IOC.NS issued a tender to buy crude for January delivery that will close on Thursday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 7 cents to $1.52 a barrel.

Repsol will deliver a December-loading Upper Zakum crude cargo to TotalEnergies following the deals.

Reliance will also deliver an Upper Zakum crude cargo to Mitsui following the deals.

REFINERY

Kazakhstan’s Atyrau oil refinery has completed routine maintenance two days ahead of schedule, the Interfax news agency reported the company as saying on Wednesday.

NEWS

India’s annual diesel consumption is expected to rise by 3%-4% in the current fiscal year to March 31, said V. Satish Kumar, chairman of Indian Oil Corp (IOC) IOC.NS.

Freight rates for tankers exporting oil from Russian ports to Asia have risen this month ahead of winter and are set to climb further after recent Western sanctions hit more tankers involved in the trade, according to industry data and sources.

Italian insurer Generali GASI.MI will no longer provide new cover for companies involved in oil and gas transportation, processing and distribution if they fail to have a good enough energy transition plan, a statement on its website said.
Source: Reuters (Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Vijay Kishore)