-- Africa/Europe/Russia/America

In trade for Russian grades, spot demand from India remained subdued, and only about five cargoes of Urals for December arrival in India had been traded so far. The slowdown reflected pressure from the US, which prompted India's major independent firm Reliance Industries Limited (RIL) and some state-owned oil companies to reduce their purchases of Urals. In addition, spot sales to China and Turkey showed little momentum. As a result, large volumes of unsold Urals were apparently accumulating at export terminals such as Novorossiysk on the Black Sea. A few cargoes of Urals for December arrival in India had been traded but the prices had been at discounts of $5-10 Dated Brent -- a level significantly below tradable levels for November arrival.

--Middle East

　Saudi Arabia's state-owned oil company, Saudi Aramco, appeared to be experiencing slight delays in the production of natural gas and condensate at the Jafurah gas field. Jafurah condensate production was expected to commence in January, with supply beginning in February or later, according to market sources familiar with the project. Condensate production had been initially planned to start in December, with supply anticipated to begin shortly after the New Year. Aramco was expected to supply about four cargoes of Jafurah condensate per month for a while, but production was projected to increase to as many as eight cargoes per month at peak output.

--Asia Pacific

　From mid to late November, Indonesia's state-owned Pertamina bought NWSC for delivery to the country's petrochemical firm TPPI. Briton's BP sold one cargo for Jan 4-8 loading to Pertamina. The price was said to have been at discount levels to Dated Brent on a CFR basis. Pertamina had finished spot purchase for condensates for January arrival with the above procurement. The company had conducted a few buy tenders for January arrival in TPPI in November, and Pertamina was trying to buy two cargoes for Jan 1-3 arrival and Jan 18-23 arrival.