Middle East crude benchmark spot premiums of Oman and Dubai fell to their lowest in about two months on Monday, weighed down by lessened demand outlook after some Indian buyers resumed Russian oil purchases last week.

Benchmarks surged previously after India snapped up Middle Eastern cargoes due to U.S. threat on countries buying Russian oil and the European Union imposing more sanctions on Russian oil trade.

SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 15 cents to $2.09 a barrel.

Gunvor will deliver an October-loading Oman crude cargo to PetroChina following the deals.

Unipec will deliver an October-loading Oman crude cargo to Vitol following the deals.

NEWS
China’s state-run Sinochem Group will sell another two bankrupt refineries in eastern Shandong province to local refiners for much less than they are valued via auctions that closed on Friday, according to seven trade sources and auction documents.

India’s crude oil imports fell 8.7% in July to 18.56 million metric tons month-on-month, the lowest level since February 2024, government data showed on Monday.

Iraq has raised its oil refining capacity to 1.3 million barrels per day from 1.1 million bpd in 2024, the prime minister’s office said in a statement on Sunday.

Kazakhstan’s oil exports via the Russian port of Ust-Luga were continuing and were not interrupted by Ukrainian drone attacks on the key terminal, energy ministry said on Monday.

Ukraine launched a drone attack on Russia on Sunday, forcing a sharp fall in the capacity of a reactor at one of Russia’s biggest nuclear power plants and sparking a huge blaze at the major Ust-Luga fuel export terminal, Russian officials said.
Source: Reuters