Middle East crude benchmark spot premiums of Oman, Murban and Dubai declined on Friday, while all gained on a weekly basis with improving liquidity.
Saudi Arabia’s crude oil exports to China are set to surge in October after a deep cut in prices, several trade sources said on Thursday.

State oil company Saudi Aramco 2222 will ship about 51 million barrels to China in October, about 1.65 million barrels per day (bpd), a tally of allocations to Chinese refiners showed.

The October plan compares with 1.43 million bpd allocated in September and matches the volume in August which was the highest since April 2023.

Companies which planned to increase Saudi crude liftings next month were Asia’s top refiner Sinopec 600028, Hengli Petrochemical 600346 and Shenghong Petrochemical, the sources said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 17 cents to $3.27 a barrel.

Mercuria will deliver three November Upper Zakum crude cargoes to Vitol following the deals.

NEWS

Japan has decided to lower its price cap on Russian crude oil to $47.60 per barrel from $60 previously, effective on Friday, to punish Moscow for its continued war in Ukraine, a government spokesperson said.

Azerbaijan’s oil output stood at 18.4 million metric tons in the period January to August, the state statistics committee said on Friday.

Malaysia’s Pengerang Refining Company (Prefchem) has offered more low-sulphur straight run (LSSR) fuel oil for sale in a tender that closed on Friday, market sources said, as a refining unit that processes the fuel remained shut.

Canada’s government is in discussions with energy companies and Alberta about eliminating a federal cap on emissions from the country’s oil and gas sector if the industry and province reduce their carbon footprint in other ways, three sources with knowledge of the talks said.
Source: Reuters