Middle East crude benchmarks Oman, Dubai and Murban rose slightly on Wednesday, after declining for three days previously.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 3 cents to $0.50 a barrel.

Mercuria and Reliance will each deliver a December-loading Upper Zakum crude cargo to Mitsui following the deals.

Phillips 66 will deliver a December-loading Al Shaheen cargo to Mitsui following the deals.

REFINERY

An Indian-backed oil refinery in Mongolia is expected to begin operations in 2028, India’s foreign ministry said on Tuesday, adding that the Mongolian authorities also want Indian firms to explore for oil and gas in the country.

NEWS

The global oil market is set to tighten in the medium to longer term, recovering from short-term weakness, executives from oil majors and trading houses said on Tuesday.

Trading firms have diverted at least five more crude oil tankers from a major port in eastern China after the U.S. imposed sanctions on an import terminal there on Friday, according to trading sources and shipping data.

OPEC Secretary General Haitham Al Ghais reiterated on Wednesday that more investment is needed in oil and gas, saying oil will continue to account for about 30% of the global energy mix by 2050.

Rigs drilling beneath the deep waters of the Gulf of Mexico will drive U.S. oil industry growth this year and next as onshore production slows due to lower prices and maturing shale fields.
Source: Reuters