Middle East crude benchmarks Oman, Dubai and Murban were little changed on Thursday as traders waited for the results of QatarEnergy tenders.
The producer has offered five al-Shaheen crude cargoes for January loading, along with Marine and Land crude in its monthly tenders.
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Cash Dubai’s premium to swaps rose 2 cents to 56 cents a barrel.
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The world’s demand for oil will fall short of supply by more than 1 million barrels per day (bpd) in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said in its monthly oil market report on Thursday.
Net income at Japanese oil refiners fell in the first half of their fiscal year, but they maintained profitability and outperformed their South Korean rivals as strong domestic margins shielded them from a weak overseas market.
President-elect Donald Trump’s pick of U.S. Senator Marco Rubio for secretary of state could signal stricter enforcement of oil sanctions on Iran and Venezuela, but concerns about retaliation by China could temper any efforts, analysts said on Wednesday.
U.S. refiner margins for gasoline and diesel will be relatively unchanged next year, the U.S. Energy Information Administration said on Wednesday, signaling relief for fuel producers who saw profits slump sharply since 2022 on slowing demand growth.
French oil major TotalEnergies TTEF.PA has awarded engineering contracts worth at least $3 billion as part of its fast-track development of Suriname’s first offshore project.
Source: Reuters (Reporting by Florence Tan; Editing by Shreya Biswas)