Middle East Crude-Dubai premium edges lower after Saudi cuts OSP

SINGAPORE, Nov 6 (Reuters) - Spot premiums for Middle East crude benchmarks Dubai fell slightly on Friday, after Saudi Arabia cut its December Official Selling Prices for oil to Asia to a fresh 6-year low.

Singapore market has a half-trading day on Friday and will be closed on Monday for a public holiday.

Saudi Aramco set its Arab Light grade for Asian customers by $2 a barrel versus November on Friday, to a discount of $6.50 a barrel to the Oman/Dubai average, the lowest since May 2020 during the pandemic.

Spot premiums for Middle Eastern crude benchmarks returned to levels seen before the Iran war this week as ample supplies weighed on the market, while cooling refining margins in Asia slowed buying interest.

TENDER

India's HPCL issued a tender seeking for 1 million barrels of crude for January delivery, according to a tender document reviewed by Reuters on Friday.

Offers are due for submission by Friday.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 8 cents to $1.47 a barrel.

PRICES ($/BBL)

NEWS

Oil prices are set for a sharp weekly drop on expectations of a de-escalation of the Iran war after US President Donald Trump's party suffered election losses, but Middle East supply concerns from the conflict continue to provide a floor for the market. O/R

Ukraine's renewed attacks on Russian oil refineries add to Moscow's difficulty in addressing domestic fuel shortages while it ships diesel to international markets under an export deal with US President Donald Trump.

China's carbon dioxide emissions from energy and industry fell 3.1% year-on-year in the third quarter of 2026, the biggest quarterly drop since the pandemic, as the world's biggest emitter used less fossil fuel, according to an analysis on Friday by the Helsinki-based Centre for Research on Energy and Clean Air (CREA).

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