The Middle East crude benchmark spot premium for Dubai declined on Wednesday while Murban’s increased, though both logged declines this year amid growing supply.

Spot premiums for Dubai, Murban and Oman slumped from more than $3 per barrel at the start of the year, weighed down by output hikes by the Organization of the Petroleum Exporting Countries and its partners – known as OPEC+ – as well as rising production in the U.S. and other countries.

Eight OPEC+ members have paused oil output hikes for the first quarter of 2026 after releasing 2.9 million barrels per day into the market since April 2025.

Oil prices were little changed on Wednesday but are set to fall more than 15% for 2025, as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 15 cents to 57 cents a barrel.

BP will deliver a February-loading Upper Zakum crude cargo to TotalEnergies following the deals.

For this month, Glencore bought 31 cargoes, or 15.5 million barrels, for February-loading oil, with most of it being Upper Zakum crude.

Equinor and Exxonmobil each sold seven cargoes, or 3.5 million barrels.
Source: Reuters