Middle East crude benchmark spot premiums continued to fall on Wednesday, with Oman’s touching its lowest in nearly a month owing to abundant supply.

Saudi Arabia is expected to export at least 36 million barrels of crude oil to China, slightly less than the previous month, several sources with knowledge of the matter said on Wednesday.

The expected drop in supply from the world’s top exporter to the world’s largest oil importer for a second straight month comes ahead of maintenance at some Chinese refineries while independent refiners wait for Beijing to issue 2026 import quotas.

One Chinese buyer reduced its December volume because it has already lifted most of its full-year contractual supply, one of the sources said.

December’s volume would be the lowest since April and down from about 38 million barrels in November, Reuters data showed.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 15 cents to 72 cents a barrel.

Mercuria will deliver two Upper Zakum crude cargoes to Trafigura, loading in January.

ExxonMobil will deliver one Upper Zakum crude cargo to Trafigura, loading in January.
Source: Reuters