Middle East crude benchmark spot premiums of Oman, Dubai and Murban ticked higher on Friday, finishing this week with a weekly gain amid supply concerns raised from Venezuelan export disruptions and possibly more sanctions on Russian oil trade.

However, gains were limited by a surplus outlook and limited demand growth next year.

SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 5 cents to 50 cents a barrel.

Sinochem, Hengli and Reliance will each deliver a February Upper Zakum crude cargo to Glencore GLEN following the deals.

NEWS
Woodside Energy WDS faces a leadership shake-up after Chief Executive Meg O’Neill’s surprise exit for the top job at BP BP., a move that comes as the Australian firm is striving to deliver key projects in a market braced for oversupply.

West African crude oil sellers are struggling to find buyers for up to 26 December- and January-loading cargoes due to stiff competition from plentiful and cheaper alternative supplies, traders and analysts told Reuters.

Venezuela on Thursday authorized two very large crude carriers to set sail for China, according to two sources familiar with Venezuela’s oil export operations, which would be only the second and third supertankers to depart the country since the U.S. seized a ship carrying Venezuelan oil last week.

Saudi Arabia’s crude oil exports hit their highest level in two and a half years in October, data from the Joint Organizations Data Initiative showed on Thursday.
Source: Reuters