Middle East Crude-Oman, Dubai weaken; Murban up

ReutersJan 12, 2026 9:56 AM

SINGAPORE, Jan 12 (Reuters) - Middle East crude benchmarks Oman and Dubai weakened on Monday, as traders assessed the supply outlook from Iran and efforts to resume oil exports from Venezuela.

Oil prices dipped on Monday, after Iran said it had "total control" following weekend violence, easing some concerns over supply from the OPEC producer. O/R

Meanwhile, Indian refiner HPCL bought two million barrels of Khafji and Upper Zakum crude via a tender, trade sources said on Monday. The tender was awarded to Aramco Trading Company.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 10 cents to -37 cents a barrel.

SELLER-BUYER	PRICE ($/BBL)
VITOL-MERCURIA	61.40
VITOL-MITSUI	61.41
SHENGHONG-MERCURIA	61.40
VITOL-MERCURIA	61.40

PRICES ($/BBL)

	CURRENT	PREV SESSION
GME OMAN	61.74	61.09
GME OMAN DIFF TO DUBAI	-0.03	0.01
CASH DUBAI	61.40	60.81

NEWS

U.S. President Donald Trump said on Sunday that he might block Exxon Mobil XOM.N from investing in Venezuela after the oil major's CEO called the country "uninvestable" during a White House meeting last week.

Oil prices are likely to drift lower this year as a wave of supply creates a market surplus, although geopolitical risks tied to Russia, Venezuela and Iran will continue to drive volatility, Goldman Sachs said in a note on Sunday.

Oil companies aiming to participate in new exports of Venezuelan crude to the U.S. following the ouster of President Nicolas Maduro are in hasty discussions to find tankers and put together operations to transfer the crude safely from vessels and dilapidated Venezuelan ports, four sources familiar with the operations said.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent	BRENTSGMc1
Dubai	DUBSGSWMc2
GME Oman	OQc1
Brent/Dubai EFS	DUB-EFS-1M

PRODUCT CRACKS
Fuel oil crack	FO180SGCKMc1
Gasoil crack	GO10SGCKMc1
Naphtha crack	NAF-SIN-CRK
Gasoline crack	GL92-SIN-CRK
Complex refining margins	REF/MARGIN1

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RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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