Middle East crude benchmark spot premiums for Oman and Murban rose on Thursday, while that for Dubai declined.

Saudi Arabia’s crude oil supply to China is set to rebound to a three-month high in January, trade sources said on Thursday, thanks to price cuts by the world’s top exporter amid uncertainty over Iranian supplies.

State oil firm Saudi Aramco 2222.SE will ship about 46 million barrels in January to China, a tally of allocations to Chinese refiners showed, the highest volume since October and up from December’s 36.5 million barrels.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 8 cents to $0.90 a barrel.

Vitol will deliver a February-loading Oman crude cargo to TotalEnergies following the deals.

ExxonMobil will deliver a February-loading Upper Zakum crude cargo to TotalEnergies following the deals.

PetroChina will deliver a February-loading Dubai crude cargo to TotalEnergies following the deals.

NEWS

Exxon Mobil XOM.N said on Wednesday its annual project spending will rise to between $28 billion and $33 billion between 2026 and 2030, with a goal of lifting oil and gas output by 18%.

The world oil market will be comfortably supplied in 2025, the International Energy Agency (IEA) said on Thursday, even after producer group OPEC+ extended oil supply cuts and a slightly higher-than-expected demand forecast.

Russia’s state oil firm Rosneft ROSN.MM has agreed to supply nearly 500,000 barrels per day (bpd) of crude to Indian private refiner Reliance RELI.NS in the biggest ever energy deal between the two countries, three sources familiar with the deal said.

Norway’s Vaar Energi VAR.OL has discovered additional oil reserves in its Countach appraisal well near the Goliat field in the Norwegian sector of the Arctic Barents Sea, the company said on Thursday.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Shounak Dasgupta)