<div id="readability-page-1"><div> The Middle East crude benchmark spot premium for Dubai declined on Wednesday while Murban's increased, though both logged declines this year amid growing supply. Spot premiums for Dubai, Murban and Oman slumped from more than $3 per barrel at the start of the year, weighed down by output hikes by the Organization of the Petroleum Exporting Countries and its partners - known as OPEC+ - as well as rising production in the U.S. and other countries.Eight OPEC+ members have paused oil output hikes for the first quarter of 2026 after releasing 2.9 million barrels per day into the market since April 2025.Oil prices were little changed on Wednesday but are set to fall more than 15% for 2025, as supply outpaced demand in a year marked by wars, higher tariffs and OPEC+ output and sanctions on Russia, Iran and Venezuela.SINGAPORE CASH DEALSCash Dubai's premium to swaps fell 15 cents to 57 cents a barrel.BP will deliver a February-loading Upper Zakum crude cargo to TotalEnergies following the deals.For this month, Glencore bought 31 cargoes, or 15.5 million barrels, for February-loading oil, with most of it being Upper Zakum crude.Equinor and Exxonmobil each sold seven cargoes, or 3.5 million barrels. <div><table><tbody><tr><td>SELLER-BUY+B1854:C1899ER</td><td>PRICE ($/BBL)</td></tr><tr><td>EXXONMOBIL-GLENCORE*</td><td>61.65</td></tr><tr><td>EXXONMOBIL-TOTAL*</td><td>61.65</td></tr><tr><td>EXXONMOBIL*-TOTAL</td><td>61.65</td></tr><tr><td>BP-GLENCORE*</td><td>61.64</td></tr><tr><td>BP-TOTAL*</td><td>61.64</td></tr><tr><td>BP*-TOTAL</td><td>61.65</td></tr><tr><td>HENGLI-GLENCORE*</td><td>61.64</td></tr><tr><td>BP-TOTAL*</td><td>61.64</td></tr><tr><td>EXXONMOBIL-GLENCORE*</td><td>61.64</td></tr><tr><td>EXXONMOBIL*-GLENCORE</td><td>61.64</td></tr><tr><td>BP-TOTAL*</td><td>61.64</td></tr><tr><td>EXXONMOBIL-GLENCORE*</td><td>61.64</td></tr><tr><td>EXXONMOBIL-TOTAL*</td><td>61.64</td></tr><tr><td>BP-GLENCORE*</td><td>61.63</td></tr><tr><td>HENGLI-TOTAL*</td><td>61.63</td></tr><tr><td>BP-GLENCORE*</td><td>61.63</td></tr><tr><td>BP-TOTAL*</td><td>61.62</td></tr><tr><td>EXXONMOBIL-GLENCORE*</td><td>61.63</td></tr><tr><td>HENGLI-TOTAL*</td><td>61.62</td></tr><tr><td>EXXONMOBIL-GLENCORE*</td><td>61.62</td></tr><tr><td>EXXONMOBIL-TOTAL*</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-GLENCORE</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-GLENCORE</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.62</td></tr><tr><td>EXXONMOBIL-TOTAL*</td><td>61.61</td></tr><tr><td>EXXONMOBIL-GLENCORE*</td><td>61.64</td></tr><tr><td>VITOL*-GLENCORE</td><td>61.62</td></tr><tr><td>BP*-TRAFIGURA</td><td>61.62</td></tr><tr><td>EXXONMOBIL-TRAFIGURA*</td><td>61.61</td></tr><tr><td>RELIANCE*-GLENCORE</td><td>61.62</td></tr><tr><td>VITOL*-GLENCORE</td><td>61.62</td></tr><tr><td>EXXONMOBIL-TOTAL*</td><td>61.61</td></tr><tr><td>EXXONMOBIL*-TOTAL</td><td>61.61</td></tr><tr><td>EQUINOR*-GLENCORE</td><td>61.62</td></tr><tr><td>EXXONMOBIL*-GLENCORE</td><td>61.61</td></tr><tr><td>RELIANCE*-TRAFIGURA</td><td>61.61</td></tr><tr><td>VITOL-GLENCORE*</td><td>61.60</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.61</td></tr><tr><td>VITOL-TRAFIGURA*</td><td>61.60</td></tr><tr><td>BP*-TRAFIGURA</td><td>61.62</td></tr><tr><td>VITOL-GLENCORE*</td><td>61.61</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.61</td></tr><tr><td>VITOL*-TRAFIGURA</td><td>61.57</td></tr><tr><td>RELIANCE*-TRAFIGURA</td><td>61.61</td></tr><tr><td>VITOL-TRAFIGURA*</td><td>61.60</td></tr><tr><td>VITOL*-GLENCORE</td><td>61.57</td></tr><tr><td>EXXONMOBIL*-TRAFIGURA</td><td>61.61</td></tr><tr><td>UNIPEC-GLENCORE*</td><td>61.60</td></tr><tr><td>VITOL*-TRAFIGURA</td><td>61.57</td></tr><tr><td>RELIANCE*-TRAFIGURA</td><td>61.61</td></tr><tr><td>VITOL-GLENCORE*</td><td>61.57</td></tr><tr><td>VITOL*-GLENCORE</td><td>61.57</td></tr><tr><td>UNIPEC*-TRAFIGURA</td><td>61.60</td></tr><tr><td>EXXONMOBIL*-GLENCORE</td><td>61.61</td></tr><tr><td>VITOL*-GLENCORE</td><td>61.57</td></tr><tr><td>BP*-GLENCORE</td><td>61.61</td></tr></tbody></table></div>PRICES ($/BBL)<div><table><tbody><tr><td></td><td>CASH DUBAI</td></tr><tr><td>CURRENT</td><td>61.60</td></tr><tr><td>PREV SESSION</td><td>61.75</td></tr></tbody></table></div>NEWSAt least one major Chinese independent refiner has received its second batch of 2026 government quotas for crude oil imports, two people with direct knowledge of the matter said on Tuesday, as more refiners expect to be notified about their allocations soon.At least two oil tankers have made their way to Venezuela in recent days and others are navigating towards the country, a sign of state-run PDVSA's effort to expand floating storage and keep selling crude even as a U.S. blockade has reduced exports to a minimum.U.S. energy firms this week added oil and gas rigs for a second week in a row, energy services firm Baker Hughes said on Tuesday.Discounts on Russian oil at export terminals have once again approached historic highs, putting pressure on exporters' trade profits amid weak global oil prices, Reuters calculations show.For crude prices, oil product cracks and refining margins, please click on the RICs below.<div><table><tbody><tr><td>Brent </td><td>(BRENTSGMc1)</td></tr><tr><td>Dubai </td><td>(DUBSGSWMc2)</td></tr><tr><td>GME Oman </td><td>(OQc1)</td></tr><tr><td>Brent/Dubai EFS </td><td>(DUB-EFS-1M)</td></tr><tr><td>PRODUCT CRACKS</td><td></td></tr><tr><td>Fuel oil crack </td><td>(FO180SGCKMc1)</td></tr><tr><td>Gasoil crack </td><td>(GO10SGCKMc1)</td></tr><tr><td>Naphtha crack </td><td>(NAF-SIN-CRK) </td></tr><tr><td>Gasoline crack</td><td>(GL92-SIN-CRK)</td></tr><tr><td>Complex refining margins </td><td>(REF/MARGIN1)</td></tr></tbody></table></div></div></div>

The Middle East crude benchmarks, including Dubai and Murban, have experienced yearly declines due to increased supply from OPEC+ and rising production in the U.S. and other nations. Spot premiums for these benchmarks have dropped significantly from earlier highs. Oil prices are projected to fall over 15% in 2025, influenced by supply exceeding demand amid geopolitical tensions and sanctions. Recent trading activity includes BP delivering Upper Zakum crude to TotalEnergies and Glencore purchasing 31 cargoes for February-loading oil. Additionally, discounts on Russian oil are nearing historic highs, impacting trade profits.

Middle East Crude-Benchmarks log yearly losses amid rising supply