Middle East Crude-Benchmarks fall on ample supply

SINGAPORE, Nov 19 (Reuters) - Spot premiums for Middle East crude benchmarks Oman, Dubai and Murban fell as trade slowed with refiners taking their time to purchase January-loading cargoes amid ample supply despite higher demand this month from China and India.

Some Chinese and Indian refiners are buying more Middle East crude to replace Russian supply due to concerns about Western sanctions.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 12 cents to 68 cents a barrel.

TotalEnergies will receive a cargo of January-loading al-Shaheen crude from Unipec and an Upper Zakum crude cargo from Exxon following the deals. The French major has bought eight cargoes so far this month.

Hengli and Exxon will deliver an Upper Zakum crude cargo each to Trafigura, bringing the European trader's tally so far this month to 13 cargoes.

PRICES ($/BBL)

REFINERY

Global refining margins have hit multi-year highs in November due to sanctions on Russia, refinery outages and maintenance, according to LSEG data and analysts, and some see little respite without more plants being built in the Western world.

NEWS

U.S. oil major Exxon Mobil XOM.N has joined rival Chevron Corp CVX.N in considering options to buy parts of sanctioned Russian oil major Lukoil's LKOH.MM international assets, sources familiar with the matter said.

Crude loadings at Russia's Novorossiysk port are about two to three days behind schedule as damage caused by a November 14 Ukrainian attack has limited the capacity of a key jetty at the terminal, three sources familiar with the matter told Reuters.

China's exports of refined oil products in October rose 14% year-on-year and fell 12.1% from September, customs data showed on Tuesday.

Rosneft's Ryazan oil refinery, one of the largest in Russia, suspended crude processing after a Ukrainian drone attack on November 15, three industry sources told Reuters.

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

(Reporting by Florence Tan; Editing by Shilpi Majumdar)

((Florence.Tan@thomsonreuters.com))

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