Middle East crude benchmarks fall to one-month low as Hormuz flow recovers
Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban fell to their lowest since late August, weighed down by rising supplies via the Strait of Hormuz. Gulf oil flows excluding Iran surged to over 81% of pre-war levels in September, led by a recovery in Saudi exports.
SINGAPORE, Oct 6 (Reuters) — Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban fell on Tuesday to their lowest since late August, weighed down by rising supplies via the Strait of Hormuz. Gulf oil flows excluding Iran surged to over 81% of pre-war levels in September, data showed, led by a recovery in Saudi exports, despite attacks on the kingdom's oil infrastructure and escalating Iranian attacks on regional shipping, while Iranian exports fell to zero due to a US blockade. 8 million barrels as of Tuesday morning. 45 a barrel.
71 News Russia's energy revenue is down 17% this year despite its crude price hitting more than decade highs as the Ukraine war disrupts output and exports and a stronger rouble also bites. Japan aims to agree on action plans with its Asian partners to boost crude oil reserves across the region at a ministerial meeting of the Japan-led Asia Zero Emission Community (AZEC) in the Philippines on Thursday, the industry minister said on Tuesday.
China's restrictions on fuel exports will not affect the existing supply contracts of Philippine oil companies, Energy Secretary Sharon Garin said on Tuesday, adding that Beijing had assured Manila that long-term agreements would continue to be honoured. For crude prices, oil product cracks and refining margins, please click on the RICs below.
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