Middle East crude benchmark spot premiums for Dubai and Murban dipped on Monday, as oil prices eased from their highest levels in weeks on profit-taking.

The Abu Dhabi National Oil Co (ADNOC) plans to cut around 230,000 barrels per day of its crude oil production in February amid the OPEC+ group’s push to seek stronger discipline in meeting production targets, trade sources said on Monday.

The company could adjust February volumes to some Asian buyers using operational tolerance, one of its buyers said, adding Adnoc will notify its February allocations by the end of December.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 3 cents to $0.91 a barrel.

NEWS

China’s refinery throughput in November recorded its first rise in eight months, official data showed on Monday, as Beijing’s economic stimulus measures began to underpin manufacturing activity and oil demand.

A Russian oil tanker carrying thousands of tonnes of oil products split apart during a heavy storm on Sunday, spilling oil into the Kerch Strait, while another tanker was also in distress after sustaining damage, Russian officials said.

China’s refined oil consumption peaked in 2023 at 399 million metric tons (7.98 million barrels per day) and is expected to fall 1.3% to 394 million tons in 2024, CNPC Economics & Technology Research Institute said on Friday.
Source: Reuters (Reporting by Siyi Liu and Florence Tan in Singapore; Editing by Mohammed Safi Shamsi)