Middle East crude benchmark premiums for Oman, Dubai and Murban dipped on Tuesday as oil prices eased for a second consecutive session amid waning demand optimism.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 4 cents to $1.56 a barrel.
ExxonMobil will deliver a March Upper Zakum crude cargo to TotalEnergies following the deals.
NEWS
China’s Shandong Port Group issued a notice on Monday banning U.S. sanctioned oil vessels from its network of ports, according to three traders, potentially restricting blacklisted vessels from major energy terminals on China’s east coast.
The volume of global crude exports in 2024 declined 2%, the first fall since the COVID-19 pandemic, shipping data showed, due to weak demand growth and as refinery and pipeline changes reshuffled trade routes.
South Sudan aims to resume oil production at its Blocks 3 and 7 on Jan. 8 with initial output of 90,000 barrels per day, Petroleum Minister Puot Kang Chol said on Tuesday.
The U.S. Defense Department said on Monday it has added Chinese tech giant Tencent Holdings 700 and battery maker CATL 300750 to a list of companies it says work with China’s military, in a move set to escalate U.S.-China tensions.
Two entities owned by Chinese state-owned oil major China National Offshore Oil Corporation 600938 were also listed, CNOOC China Ltd and CNOOC International Trading.
Source: Reuters