--Middle East

　In regard with term cargoes for 2025, the Oman Ministry of Energy and Minerals (MOEM) continued negotiations for term contracts of Oman in 2025. In early October, long-term contractors such as end-users in India submitted their requests on quantities, loading dates and prices for 2025 to the MOEM. Meanwhile, the MOEM recently showed counter-offers to these contractors.

　The MOEM was expected to keep supply volumes and term prices in 2025 at roughly the same levels as in 2024, according to one trader. Regarding term supply of Oman in 2024, the MOEM had cut supply volumes to some contractors in order to inject more volumse of Oman into the Duqm refinery (with production capacity of 230,000 barrels per day), a new refinery. The MOEM had also slashed term supply to traders that had bought Oman for the purpose of reselling in 2024 by 20-30% relative to supply volumes in 2023. Meanwhile, the MOEM had maintained supply volumes to some refiners that held long-term relationships with the MOEM. Further, the MOEM had supplied term cargoes to these traders at small premiums to the OSP.

--Africa/Europe/Russia/America

　Crude production in Libya was said to have recovered to about 1.30 mil bbl/day. The long running feud between the East and West governments in Libya over the head of the central bank led to a half of all oil fields in Libya since end August. The dispute over the central bank was resolved in early October, and production for oil fields resumed in early October. Producion has recovered steady to the levels before the dispute. Under the circumstances, prices of Libyan grades such as Es Sider were said to have dropped sharply.

--Asia Pacific

　Petro Vietnam Oil Corp (PV OI) awarded a Thang Long sell tender to Thailand's Bangchack. The awarded price was at premiums in the $2's to Dated Brent. Through the tender closed on October 15 at 9:00 Vietnam time with offers valid until Tuesday at 18:00, PV OIL was trying to sell one cargo of 250,000barrels for December 4-10 loading. PV OIL had not issued a November-loading Thang Long sell tender.