SINGAPORE: The Middle East crude market stayed strong on Friday with DME Oman's premium extending gains for a second session to above $1 a barrel against Dubai swaps.
Oman was likely driven by fresh crude import quotas of 2.7 million tonnes issued by Beijing to Chinese independent refiners, traders said.
Demand for Middle East crude was also robust due to a wide spread between dated Brent and Dubai, a trader said.
Middle East crude "is the cheapest source of crude now," he said.
IRAN: Iranian exports of ultra-light crude oil known as condensate are set to fall to a five-month low in October, with supplies to its largest buyer South Korea cut by half, a source with knowledge of Iran's preliminary tanker schedule said.
Iran plans to load about 295,000 barrels per day (bpd) of condensate for exports in October, down 31 percent from an estimated 429,000 bpd this month, said the source, who declined to be identified as he was not authorised to speak to media.
Iranian condensate exports to South Korea will fall by half from the month before to about 153,000 bpd in October, the source said. Supply cuts to South Korea are expected to continue in November, a second source with knowledge of the matter said.
Meanwhile, other regular buyers, the United Arab Emirates and Japan, are expected to lift about 110,000 bpd and 14,000 bpd in October respectively, steady from the previous month.
China will resume Iranian condensate imports in October, after a two-month halt, loading about 17,000 bpd, the first source added.
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