Middle East crude benchmarks Oman, Dubai and Murban fell on Friday from the previous session, while ending the month at a higher note.

Spot premiums of the three averaged above $3 per barrel for January, the highest in more than two years, according to Reuters record.

The increases were driven by demand from China and India, where buyers looked to buy alternative barrels to Russia supply after the U.S. launched tougher sanctions targeting producers, tankers and insurers involved in Russian oil trade.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 68 cents to $4.25 a barrel.

Shell will deliver a March Oman crude cargo to TotalEnergies following the deals.
For this month, Total bought 24 cargoes, or 12 million barrels.

NEWS

Malaysian state-owned energy firm Petroliam Nasional Berhad UUSY68851AK3 will look to boost the country’s oil and gas output through key projects over the next three years, it said in its activity outlook report.

Shell SHEL reported a 16% drop in profit for 2024 on Thursday amid weakness in oil and gas prices and in demand, but shares rose after it raised its dividend by 4% and extended its share buyback programme.

U.S. President Donald Trump on Thursday said he would soon decide whether to exclude Canadian and Mexican oil imports from the 25% tariffs that he has vowed to impose on Saturday on the countries’ products.

Russia’s oil and gas condensate production reached 516 million metric tons, or 10.32 million barrels per day, in 2024, Deputy Prime Minister Alexander Novak told the energy ministry’s in-house magazine on Thursday, around 2.8% lower compared to 2023.
Source: Reuters