Middle East Crude-Oman rises; ADNOC informs buyers of Dec cuts

Middle East crude benchmark Oman rose while Dubai held steady

  

SINGAPORE- Middle East crude benchmark Oman rose while Dubai held steady after Abu Dhabi National Oil Company (ADNOC) informed Asian buyers it will reduce crude oil supplies to term buyers in December.

ADNOC has informed some term buyers that it plans to cut December-loading crude supplies by about 20% as part of its commitment to the OPEC+ deal, three Asian refinery sources told Reuters on Tuesday.

The cut was similar to a 25% cut for November-loading crude oil supplies and was within market expectations, traders said. 

REFINERY

Japan's biggest oil refiner Eneos Holdings Inc said on Tuesday it will stop production at its Chita petrochemicals plant in central Japan next October, citing a drop in local demand and fierce competition in Asi

NEWS

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits. 

The United States on Monday imposed fresh Iran-related sanctions targeting the Islamic Republic's oil sector, including the Iranian Ministry of Petroleum, in Washington's latest move to increase pressure on Tehran. 

Energy firms and ports along the U.S. Gulf Coast were bracing on Tuesday for another test as Hurricane Zeta, the 11th hurricane of the season, entered the Gulf of Mexico.

Oil firms are now expected to drill just 30 exploration wells off the cost of Norway in 2020, down from 57 last year and sharply lagging original projections of around 50 wells, the Norwegian Petroleum Directorate (NPD) said on Tuesday.

(Reporting By Shu Zhang; Editing by Shailesh Kuber) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))

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