Middle East Crude-Oman, Dubai premiums decline amid peace hopes

SINGAPORE, Oct 29 (Reuters) - Spot premiums for Middle East crude benchmarks Oman and Dubai ticked lower on Thursday, amid hopes for peace talks, which weighed on oil prices.

US Vice President JD Vance sought to revive peace negotiations by sending a letter to Iranian Security Council chief Mohsen Rezaei, the Wall Street Journal said on Wednesday, citing US officials and people familiar with the matter.

Recently, premiums have been under pressure as Gulf producers cut prices to attract demand and compete for market shares.

Still, there are some expectations of higher refining run rates in China, the world's biggest oil importer, after China issued a rare fourth batch of fuel export quotas for gasoline, diesel and jet fuel, four people familiar with the matter said — one that makes the 2026 total allowance 6% higher than last year.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 37 cents to $5.42 a barrel.

Unipec and Vitol will each deliver a December-loading Oman crude cargo to Trafigura following the deals.

PRICES ($/BBL)

NEWS

Saudi Arabia is expected to keep its official selling prices (OSPs) for crude oil bound for Asia at a six-year low in December, a Reuters survey showed, as ample Middle East supplies and weaker spot market premiums weighed.

Shell SHEL.L on Thursday announced above-expectations net profit of $10.81 billion in the third quarter, its highest since 2022, and boosted its share buybacks on the back of stronger refining margins and higher liquefied natural gas prices.

Asia's largest oil and gas producer, PetroChina 601857.SS, reported a 21.6% year-on-year increase in third-quarter net profit, driven by higher oil and gas prices, according to a stock filing on Wednesday.

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