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2025-11-04 17:57:29
[Middle East Crude Oil Falls Below Key Levels, Market Awaits Saudi Decision] ⑴ Cash premiums for Middle East crude oil benchmarks Oman, Dubai, and Murban all fell on Tuesday, with the cash Dubai premium for swaps dropping 45 cents to $1.44 per barrel. ⑵ Ample market supply and relatively thin trading activity put pressure on benchmark crude oil prices, with focus now shifting to Saudi Arabia's upcoming December official selling prices. ⑶ Asian refiners generally expect Saudi Arabia to lower its official selling prices, reflecting weak regional demand and increased competition. ⑷ BP's third-quarter profit decline was less than expected, with rising refining margins partially offsetting the impact of falling crude oil prices. ⑸ Saudi Aramco's quarterly profit fell 2.3% year-on-year, mainly dragged down by lower crude oil and refined product prices, but production growth led to a sequential improvement in performance. ⑹ ExxonMobil, after launching four new refining projects, is actively seeking opportunities to upgrade other production bases, demonstrating the energy giant's continued optimization of its asset structure. (7) Venezuelan oil exports fell 26% in October to approximately 808,000 barrels per day, as declining inventories and reduced diluent imports constrained production of exportable grades. (8) The market is closely watching Saudi Arabia's official selling price decision, which will provide key guidance for Asian crude oil pricing in the fourth quarter and impact regional refining margins.
