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2025-11-03 17:59:57
[Middle East Crude Oil Prices Diverge: Murban and Oman Crude Oil Rally] ⑴ Murban and Oman crude oil spot premiums rose in tandem on Monday, while Dubai crude ended its strong rebound of two consecutive trading days at the end of October. ⑵ India's Bharat Petroleum Corporation (BNPB) purchased 2 million barrels of Upper Zakum crude oil through a spot tender, with plans to ship in December to replace sanctioned Russian crude. ⑶ The UAE National Oil Company's (UAE) trading department confirmed as the supplier for this transaction, indicating that Middle Eastern crude oil is gradually filling the gap left by Russian crude. ⑷ OPEC+ decided to maintain its production policy for the first quarter of next year, effectively alleviating market concerns about oversupply and driving overall oil prices higher. ⑸ Weak factory data in Asia limited the upside potential for crude oil prices to some extent. ⑹ Traders continue to focus on India's spot purchases of Russian substitute crude oil, which has become a key factor supporting demand in the Middle East market.
