Middle East crude benchmarks Oman, Dubai and Murban slipped on Monday as concerns around an escalation of conflict between Israel and Iran eased.

Spot premiums for Oman and Dubai fell toward $1.70 a barrel while IFAD Murban’s premium to Dubai quotes dropped under $1.80.

QatarEnergy will close on Tuesday three crude tenders for December-loading supplies. It offered three al-Shaheen crude cargoes to load on Dec. 1-2, 26-27 and 27-28, in addition to Qatar Marine and Qatar Land crude.

Bids will remain valid until Wednesday.

SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 17 cents to $1.71 a barrel.
Mitsui will receive a December-loading Upper Zakum crude cargo each from ExxonMobil and Trafigura following the deals.

NEWS
Iraq produced 3.94 million barrels per day (bpd) of oil in September, less than its OPEC+ output quota of about 4 million bpd, an Iraqi official said on Saturday, as the country seeks to boost its compliance with the target.

PetroChina Canada will no longer be a committed shipper on the Trans Mountain oil pipeline after assigning its contracts to another party, the company said in a letter filed with the Canada Energy Regulator, dated Oct. 10.

The United States expanded sanctions against Iran’s petroleum and petrochemical sectors on Friday in response to an Iranian missile attack on Israel, the administration of President Joe Biden said.

Azerbaijan’s oil output fell by 4.8% to 21.6 million tonnes in the first nine months of 2024, from 22.7 million tonnes a year earlier, Energy Minister Parviz Shahbazov said on Monday.

Weak refining margins due to a slowdown in global demand for fuel and lower oil trading results will dent BP’s BP.L third-quarter profit by up to $600 million, the British oil major said on Friday.
Source: Reuters (Reporting by Florence Tan and Siyi Liu, Editing by Louise Heavens)