Middle East crude benchmarks Oman, Dubai and Murban slid on Monday, after Saudi Aramco cut its January 2025 prices for Asian buyers to the lowest level since early 2021.
The price cuts, announced by the world’s biggest crude oil exporter on Sunday, underscored demand weakness from top importer China.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 7 cents to $0.75 a barrel.
ExxonMobil will deliver a February-loading Upper Zakum crude cargo to TotalEnergies.
NEWS
Igor Sechin, the head of Russia’s largest oil producer Rosneft ROSN.MM, said on Saturday he approved of U.S. President-elect Donald Trump’s proposals to defend domestic energy producers.
Money managers raised their net long U.S. crude futures and options positions in the week to Dec. 3, the U.S. Commodity Futures Trading Commission said on Friday.
Equinor EQNR.OL has closed the planned sale of its assets in Nigeria and Azerbaijan for a total consideration of up to $2 billion, completing exits from the two countries after some 30 years, the Norwegian oil and gas firm said on Monday.
Kuwait Foreign Petroleum Exploration Company is looking at more oil and gas opportunities in Indonesia’s Natuna Sea, its country representative said on Monday, with Indonesian President Prabowo Subianto looking to boost the country’s production.
Source: Reuters (Reporting by Siyi Liu in Singapore; Editing by Arun Koyyur)