Middle East crude benchmark spot premiums of Oman, Dubai and Murban rose on Thursday, with Oman’s premium hitting a two-month high.

The gains came amid uncertainty over possible secondary sanctions on buyers of Russian oil in China and India, which could boost demand for Middle Eastern grades.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 11 cents to $3.44 a barrel.

Mercuria will deliver three November-loading Upper Zakum crude cargoes following the deals — two to Vitol and one to Mitsui.

NEWS

Top oil exporter Saudi Aramco has asked Asian buyers to lift more crude in October after the kingdom made deeper-than-expected price cuts for all grades amid growing supply, three sources familiar with the matter said.

Russia has revised up its September crude export plan from western ports to 2.1 million barrels per day (bpd), an 11% increase from the initial schedule, as drone attacks on domestic refineries reduce local demand for crude, two industry sources and Reuters calculations showed.

World oil supply will rise more rapidly than expected this year as OPEC+ members increase output further and supply from outside the group grows, the International Energy Agency said on Thursday, and implied that a surplus could grow in 2026.

Russia’s revenue from sales of crude oil and oil products declined in August to one of the lowest levels seen since the start of the conflict in Ukraine, the International Energy Agency said on Thursday.
Source: Reuters