Middle East crude benchmark spot premiums of Oman, Dubai and Murban extended declines on Wednesday, as rising supply from other regions to Asia weighed.
The strong prices in recent months made it more economical for buyers to switch to other grades such as Brazilian and West African crudes.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 22 cents to $2.92 a barrel.
Trafigura will deliver a November-loading Upper Zakum crude cargo to NPI following the deals.
Mercuria will deliver three November-loading Upper Zakum crude cargoes, to Gunvor, ExxonMobil and Vitol each, following the deals.
NEWS
Shell said it is adjusting operational hours and staffing levels at some of its gas stations in Indonesia as a result of supply shortages, as the government insisted they would not be granted extra import quotas and should source fuel from the state-run Pertamina.
Russia’s oil pipeline monopoly Transneft TRNFP has warned producers they may have to cut output following Ukraine’s drone attacks on critical export ports and refineries, three industry sources said on Tuesday.
HPL Global, the Singapore unit of India’s Haldia Petrochemicals, plans to boost its trade volume by 30% up to 2 million metric tons and double the number of traders in 2026, two industry sources familiar with the matter said on Wednesday.
OPEC+ delegates are planning to meet in Vienna on Thursday and Friday to discuss the methodology for assessing maximum production capacities for the 22-member producer group, two delegates told Reuters on Tuesday.
Source: Reuters