Middle East Crude-Dubai premium rises from near four-month low

SINGAPORE, Nov 13 (Reuters) - Spot premiums for Middle East crude benchmark Dubai rose slightly on Friday after hitting their lowest in nearly four months in the previous session as ample supplies weighed on the market.

This week, Oman and Dubai premiums posted losses amid oversupply concerns. OPEC+ crude oil production jumped in October, led by a sharp increase in output from Saudi Arabia despite continued disruption to shipments through the Strait of Hormuz due to the Iran war.

Aramco Trading sold about 7 million barrels of Khafji crude to refiners in China and South Korea in a tender closed on Wednesday, traders said.

Oil prices were mixed on Friday and were headed for a second weekly decline as a continued US blockade of Iran eased fears of renewed fighting in the Middle East, though shipping attacks remained a supply risk. O/R

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 17 cents to 25 cents a barrel.

PRICES ($/BBL)

NEWS

Abu Dhabi National Oil Company (ADNOC) is expected to complete a second crude oil pipeline by around January, doubling the capacity of its existing onshore pipeline to about 3.6 million barrels per day (bpd), an executive with Japan's Inpex 1605.T said. An ADNOC spokesperson disputed the comments.

An Alberta landowner advocacy organization is urging farmers and ranchers to "actively resist" new oil and gas development on their land, an unprecedented move highlighting growing tensions between industry and rural residents in Canada's main energy-producing province.

BP BP.L is in talks with Petrobras PETR3.SA to sell a stake in its Bumerangue oil block off the coast of Brazil, two sources at the Brazilian state-run oil firm told Reuters, while cautioning that the potential deal was not considered a priority.

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