Middle East Crude-Spot premiums for Nov-loading cargoes slip

Middle East crude benchmarks Oman slipped while Dubai was little changed on Wednesday


SINGAPORE- Middle East crude benchmarks Oman slipped while Dubai was little changed on Wednesday after initial trades showed that spot premiums for some November-loading cargoes fell from the previous month.

P66 and Vitol have sold November-loading al-Shaheen crude cargoes at premiums of about $1.60 a barrel to Dubai quotes, about 70-80 cents lower than last month, traders said.

Abu Dhabi light crude Umm Lulu has also traded at $2.30-$2.40 a barrel above Dubai quotes, about 20 cents lower than the previous month, one of the traders said.

Traders will also be closely watching the results of Russian ESPO crude to gauge buying interest from Chinese independent refiners.

Russia's Surgutneftegaz will close a tender to sell three cargoes of ESPO for loading in late October to November.


China's crude oil throughput continued to fall in August, with daily runs hitting the lowest since May 2020, as a resurgence in coronavirus cases and a drastic cut in fuel export quotas hurt production at refineries. 

Chevron Corp on Tuesday pledged to triple its investments to $10 billion to reduce its carbon emissions footprint through 2028, while saying it was not yet ready to commit to a 2050 net-zero emissions target. 

Investors managing more than $10 trillion on Wednesday published an ambitious blueprint for energy companies seeking to tackle climate change, including sharp cuts to greenhouse gas emissions and a winding down of oil and gas production. 

China's refusal to accept requests for deeper carbon emissions cuts during recent visits from the top climate envoys of the United States and Britain may undermine progress at the upcoming global climate summit in Glasgow in November, experts say. 

(Reporting by Florence Tan; Editing by Shinjini Ganguli) ((Florence.Tan@thomsonreuters.com; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))

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