Middle East crude benchmark spot premiums of Oman, Dubai and Murban fell on Thursday, after Saudi Arabia cut its December official selling prices to Asia.
State oil giant Saudi Aramco set its December official selling price at $1 per barrel above the /Dubai average, marking the first price reduction since October after it kept rates unchanged in November.
The December prices for other grades – Arab Medium and Arab Heavy – fell by $1.40 each to five cents and 10 cents a barrel, while that for Arab Extra Light dropped by $1.20 to $1.30 a barrel, the document said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 23 cents to $1.03 a barrel.
Unipec will deliver a January-loading Upper Zakum crude cargo to Trafigura following the deals.
NEWS
Kazakhstan’s crude oil production excluding gas condensate declined 10% last month to 1.69 million barrels per day, still above the OPEC+ output quota, according to an industry source and Reuters calculations.
A fire at the Naftan oil refinery in Belarus, one of the country’s two biggest, has been put out and nobody was hurt, the country’s emergency emergencies ministry said on Thursday.
A rise in imports and reduced refining activity drove U.S. crude stocks higher last week, while gasoline and distillate inventories declined, the Energy Information Administration said on Wednesday.
India’s Reliance is attempting to re-sell some Middle Eastern crude it snapped up last month to replace Russian oil because of Western sanctions, trade sources said.
Source: Reuters
