Middle East crude benchmark Dubai rose for a second session on Wednesday after the United States and other buyers announced smaller-than-expected volumes for a coordinated oil release aimed at cooling prices.

Under the plan, the United States will release 50 million barrels, the equivalent of about two and a half days of U.S. demand. India, meanwhile, said it would release 5 million barrels, while Britain said it would allow the voluntary release of 1.5 million barrels of oil from privately held reserves.

Japan will release "a few hundred thousand kilolitres" of oil from its national reserve, but the timing of the sale has not been decided, industry minister Koichi Hagiuda told reporters on Wednesday.

Earlier, the Nikkei newspaper reported that Japan will release about 4.2 million barrels of oil (666,666 kilolitres) or about 1 or 2 days' worth of its demand. A Japanese refining source said it has already bought oil for processing in February 2022.

Seoul has said it would decide after discussions with the United States and other allies, but did not provide any details.

China, the world's largest crude importer, remains non-committal, though it has taken steps this year to cool price rises of other commodities in its domestic market. Beijing will release crude oil from its reserves according to its needs, a foreign ministry spokesman said on Wednesday.

"As a result, the Biden administration will have to turn to China again. This is a direction that benefits everyone, but China clearly has the upper hand," the state-backed Global Times said in an editorial on Wednesday.



Cash Dubai's premium to swaps rose 14 cents to $3.45 a barrel. Gunvor will receive a third cargo this month with Reliance delivering an al-Shaheen cargo following Wednesday's trades. Seller-Buyer Price Reliance-Gunvor 81.75 Reliance-Gunvor 81.80 Exxonmobil-Gunvor 81.80 Reliance-Lukoil 81.80 Exxonmobil-Gunvor 81.80 Reliance-Lukoil 81.80 Reliance-Lukoil 81.80 Exxonmobil-Gunvor 81.84 Reliance-Gunvor 81.84 Reliance-Gunvor 81.84 Vitol-Lukoil 81.84 Reliance-Total 81.85 Exxonmobil-Gunvor 81.84 Reliance-Total 81.80 Vitol-Lukoil 81.84 Reliance-Gunvor 81.84 Vitol-Lukoil 81.84 Reliance-Lukoil 81.84





Australia's Viva Energy Group VEA.AX said on Wednesday it aims to achieve net-zero carbon emissions from all its non-refining operations by 2030 and committed to a 10% reduction in emissions intensity from its Geelong refinery by the end of the decade.



As the Biden administration and allies scramble to deliver more oil to market through stockpile releases, shale producers are tapping the brakes on reinvestment, according to new data, a sign of the widening split between U.S. oil companies and Washington.

Libya's Waha oil company will carry out maintenance operations on a pipeline starting on Wednesday that will reduce crude output by 90,000 barrels per day (bpd) for one week, the National Oil Corp media office said.

Royal Dutch Shell RDSa.L is facing protests over its takeover of green energy retailer Powershop Australia, with customers threatening to switch to other renewable energy providers to avoid becoming customers of a fossil fuel company.

A coordinated release from government oil reserves led by the United States may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, analysts at Goldman Sachs said.

India's crude oil imports in October climbed from last year as consumption in the world's third-largest oil consumer and importer continued its rebound toward pre-pandemic levels, government data showed on Tuesday.


For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent BRENTSGMc1 Dubai DUBSGSWMc2 DME Oman OQc1 Brent/Dubai EFS DUB-EFS-1M

PRODUCT CRACKS Fuel oil crack FO180SGCKMc1 Gasoil crack GOSGCKMc1 Naphtha crack NAF-SIN-CRK Complex refining margins REF/MARGIN1

(Reporting by Florence Tan)