Middle East crude benchmark spot premiums of Oman and Dubai slumped on Wednesday after jumping in the prior session, as volatility continued amid ample supplies.

Traders pointed to ample supplies in Asia from Russia, Gulf producers and other regions, meanwhile, OPEC+ may speed up production increases in November from the 137,000 barrels per day hike it made for October at its meeting on Sunday, sources told Reuters.

There was no delivery on the first day of trading for October, after a record 42 Abu Dhabi Upper Zakum cargoes were delivered during the S&P Global Platts Market on Close process in September.

RUSSIAN CRUDE:

Premiums for Russia’s ESPO Blend crude oil loading from Kozmino port weakened for November-loading cargoes as independent Chinese refiners, key buyers of the grade, face dwindling import quotas, three traders told Reuters.

Cargoes scheduled to load from the Far Eastern port of Kozmino in November were sold at a premium of around $1.70 per barrel to ICE Brent on a delivery basis to Chinese ports, down from about $2 per barrel for October levels, traders said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell $2 to $0.85 a barrel.

NEWS

Exxon Mobil Corp XOM expects to cut the number of its employees in Singapore by 10% to 15% and move its office to the site of its Jurong plant from downtown by the end of 2027, in global restructuring efforts, the company said on Wednesday.

TotalEnergies TTE on Wednesday said it agreed to sell its interests in several mature oil fields off Norway, the latest step in a broader divestment strategy aimed at cutting debt.
Iraq aims to more than double crude oil flows through the newly reopened Kirkuk-Ceyhan pipeline by next year, said an official at Iraqi state oil marketer SOMO.

Russian firefighters have brought under control a fire at a major oil refinery in the Yaroslavl region northeast of Moscow, the local emergencies ministry said on Wednesday.
Glencore has promoted its top gas and power trader Maxim Kolupaev to lead the firm’s entire oil and gas trading division when current head Alex Sanna steps down at the end of 2025, according to a Glencore memo to staff seen by Reuters.
Source: Reuters