Middle East crude benchmarks Oman and Dubai extend decline
Middle East crude benchmarks Oman and Dubai extended their decline on Monday, sliding toward premiums of $20 a barrel. This comes as traders eyed a partial recovery in shipments from Saudi Arabia and stronger than usual flows through the Strait of Hormuz.
SINGAPORE, Sept 21 (Reuters) — Middle East crude benchmarks Oman and Dubai extended their decline, sliding toward premiums of $20 a barrel on Monday as traders eyed a partial recovery in shipments from Saudi Arabia. Saudi Arabia has sold about 60 million barrels of crude from Ras Tanura inside the Strait of Hormuz for loading via ship-to-ship transfer at the Omani port of Sohar this month and next, multiple trade sources said on Friday. QatarEnergy has also sold crude loading in October and November from its terminals to TotalEnergies, Reliance Industries, ADNOC and Vitol at discounts wider than $19 a barrel to Dubai quotes on a free-on-board basis, trade sources said.
It was not immediately clear which grades and how much volume each buyer took in the tender. 1 million bpd below the 2025 average. 4 million bpd," they added. Two fully-laden very large crude carriers exited the Strait of Hormuz over the weekend while an Aframax-sized tanker, which loaded Saudi oil from the Yanbu port before the pipeline attack, has also exited the Red Sea via the Bab el-Mandeb Strait, shipping data from Kpler showed.
70 near the end of the trading window failed to attract a buyer. 64 million barrels per day (bpd), up 41% from a year earlier and 23% from July. Europe faces a fourth-quarter jet fuel deficit, even as it turns to far-flung suppliers including South Korea, which is set to boost its jet exports to Europe to a four-year high in September, according to analysts and shipping data. China's fuel oil exports, which were mainly for marine fuel bunkering, fell in August to an almost two-year low, customs data showed on Sunday.
Trafigura said on Monday it had launched Volare Shipping, which would own and operate 14 supertankers, adding that it plans to sell shares in the business before listing it on the Norwegian stock exchange next month. TotalEnergies and its partners in the $12 billion GranMorgu offshore oil and gas project in Suriname are on track to inaugurate output in mid-2028, the head of state-run Staatsolie, Annand Jagesar, said on Saturday during a tour to oversee the development's progress. For crude prices, oil product cracks and refining margins, please click on the RICs below.
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