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2025-10-29 19:22:03
[Middle East Crude Oil Falls to New May Low as Oversupply Looms Over Market] ⑴ The premium for Middle East crude oil benchmarks Dubai and Murban fell on Wednesday as concerns about supply disruptions caused by sanctions on Russian oil producers eased. ⑵ Western sanctions on top Russian producers pushed up benchmark prices last week, but cooled as demand for Middle Eastern grades from India remained limited. ⑶ The cash Dubai to swap premium fell 33 cents to 67 cents per barrel, reflecting increased market supply pressure. ⑷ Murban crude prices fell to a five-month low as the market refocused on ample supply from planned production increases by OPEC+ and non-OPEC+ countries. ⑸ The CEO of Saudi Aramco emphasized that crude oil demand was already strong before the sanctions, and that Chinese demand remains healthy. ⑹ Indian state-owned refiner Mangalore explicitly stated that it has no plans to purchase Russian oil due to risk concerns. ⑺ Iranian crude oil discounts to China widened to their widest level in a year, with independent refineries facing pressure from both import quota shortages and sanctions.
