Middle East crude benchmark spot premium of Murban extended declines on Monday to the lowest in two weeks, as ample supply of the crude and rising production in the Middle East weighed.

Meanwhile, news that Kazakhstan hopes to bring forward moorings delivery to CPC’s Black Sea oil terminal also lifted oil supply outlook.

Premium of Oman and Dubai were little changed on Monday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 1 cent to 55 cents a barrel.

Equinor will deliver two February Upper Zakum crude cargoes to Glencore following the deals.

The cost of shipping oil is likely to remain high in the first half of 2026 as the global fleet ages and a rising number of vessels are hit with Western sanctions, shipping sources say, though rates could be capped in the second half.

China’s crude oil throughput rose 3.9% in November, statistics bureau data showed on Monday, as a new batch of crude oil import quotas for independent refiners offset maintenance at some state-owned refineries.

Nigeria’s richest man Aliko Dangote escalated his fight with regulators on Sunday, accusing them of enabling cheap fuel imports that threaten local refineries.

The delivery of two new mooring points to the Caspian Pipeline Consortium’s Black Sea terminal has been brought forward to January from April, Kazakhstan’s Energy Minister Yerlan Akkenzhenov said on Monday.
Source: Reuters