--Middle East

　In trade for Iranian grades bound for Asia, supply of Iranian Light (IL) and Iranian Heavy (IH) was slightly tightening. Traders, that handled Iranian grades, took a cautious stance about spot sales. The US Trump administration was likely to tighten economic sanctions against Iran from January onwards in 2025, and traders refrained from trading. Iranian grades in anticipation that supply of Iranian grades might be instable, according to one European company. In regard with IL and IH, Chinese players mainly bought spot cargoes. Most of sellers for Iranian grades are traders to resell cargoes in, instead of Iran state-owned National Iranian Oil Co (NIOC). Meanwhile, tradable levels for the CFR Shandong Province market of IL and IH for December arrival were at discounts of about $3 and about $6 respectively to ICE Brent as of mid-November. These tradable levels were higher than those in September by about $2. Chinese independent energy companies were running many refineries in Shandong Province.

--Africa/Europe/Russia/America

　Nigeria's Dangote was said to have purchased 2.0mil bbl of WTI midlands in its December arrival tender. The price details were unknown but the seller was US Chevron. In the tender, the company was seeking cargoes for Dec 10-31 arrival to the 650,000b/d Dangote refinery.

--Asia Pacific

　Malaysia's state-owned Petronas on Tuesday sold Labuan via a tender. The winner was Australia's Ampol and the awarded price was at premiums of slightly above $7 to Dated Brent. One trader in Singapore noted that the price was higher than usual cargoes by about $1 since the cargo was end-January loading. Through the tender, Petronas was trying to sell one cargo for end-January to early February loading.