Middle East crude benchmarks Oman and Dubai jumped on Tuesday, after a sharp drop in the prior session, and they posted increases on monthly basis.

The sudden weakness in previous sessions came with ample supplies in Asia from Russia, and producers in the Gulf and other regions.

For this month, a total of 49 cargoes, or 24.5 million barrels of crude, were delivered via trades during the S&P Global Platts Market on Close process that assesses the Dubai benchmark.

Trading house Mercuria emerged as the key seller during the MoC process, the trading house sold 45 cargoes, or 22.5 million barrels, including 38 Upper Zakum crude cargo, one Oman crude cargo, two al-Shaheen crude cargoes and four Murban crude cargoes.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose $2.08 to $2.96 a barrel.

Mercuria will deliver five November-loading Upper Zakum crude cargoes following the deals, one to Gunvor, two to Vitol and and two to Mitsui.

The trader will deliver four November-loading Murban crude cargoes following the deals, three to Mitsui and one to Vitol.

Reliance will deliver one November-loading Upper Zakum crude cargoes following the deals

NEWS

Canada’s Imperial Oil IMO said on Monday it would cut its workforce by about 20% by the end of 2027, part of a major restructuring that would eventually shutter most of its presence in the oil-and-gas city of Calgary.

Crude oil flows from Iraq’s Kurdistan region to Turkey’s Ceyhan port are running at 150,000-160,000 barrels per day after their resumption on September 27, two industry sources told Reuters.

European oil and gas majors BP BP. and TotalEnergies TTE on Monday deepened their commitments to the United States, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore gas field.

The offices of Nigeria’s oil regulator and state oil company were shuttered by a nationwide strike launched by the national oil workers’ union after Dangote refinery dismissed more than 800 of its members, union officials said.
Source: Reuters