Middle East crude benchmark spot premiums of Oman and Dubai ticked up on Tuesday, while that of Murban held unchanged.
Saudi Arabia, the world’s top oil exporter, cut the official selling price for the Arab Light crude it sells to Asia a day after OPEC+ producers agreed to raise output.
The kingdom set the October price at $2.20 a barrel above the Oman/Dubai average and $1 below the September price, according to a document seen by Reuters.
The October prices for other grades – Arab Extra Light, Arab Medium and Arab Heavy – fell by 90 cents to $1, the document said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 14 cents to $3.24 a barrel.
Mercuria declares three November-loading Upper Zakum crude cargoes following the deals, two to Vitol and one to PetroChina.
NEWS
The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower oil prices and the biggest consolidation in a generation, in what could mark the end of the rapid output growth that made the U.S. the world’s top producer.
OPEC on Monday released a compensation schedule from six of its members covering the period from last month and until June next year to make up for producing above their targets.
U.S. tariffs are increasingly pressuring the already challenged petrochemicals sector, with China, the top producer, shifting its exports to Asia, industry executives said at a conference in Singapore on Tuesday.
Source: Reuters