Middle East crude benchmarks Oman and Murban fell on Tuesday as traders concluded trades for this month and waited for oil producers to unveil their October official selling prices and supply plans.

ADNOC has informed some clients in east Asia that they will supply full volumes under term contracts in November, while others are still waiting to receive the allocation plans from the oil firm.

Middle Eastern crude is under pressure from arbitrage cargoes such as Mars crude from the United States, which is traded at about $2.5 a barrel above Dubai quotes on the deliver basis in Asia, several traders said, almost $2 cheaper than the regional supplies.

Market is still waiting for China to issue the new batch of refined oil export quotas, expected in the next coming days.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 6 cents to $1.86 a barrel.

NEWS

Japan’s government is considering extending until year-end fuel subsidies to keep gasoline prices below 180 yen a litre, while working on a supplementary budget to finance broader measures, three people with direct knowledge of the matter said.

Norway’s latest offshore oil and gas exploration licensing round attracted bids from 25 companies, including Shell RDSa.L, ConocoPhillips COP.N, Aker BP AKRBP.OL and Equinor EQNR.OL, the energy ministry said on Tuesday.

Chinese state-owned oil and gas giant CNOOC 0883.HK has signed a strategic cooperation agreement with Brazilian state oil firm Petrobras PETR4.SA, Chinese government-backed media outlet The Paper reported on Tuesday, citing CNOOC.
Source: Reuters (Reporting by Muyu Xu; Editing by Shilpi Majumdar)