SINGAPORE, Sept 7 (Reuters) - Values of Middle East crude swaps suggested a tight market would lead to an expansion of spot premiums, traders said on Wednesday, as official selling prices also pointed to higher prices. November Oman traded on the Dubai Mercantile Exchange rose to a premium of $1.27 a barrel to Dubai swap quotes at 0830 GMT, up 11 cents from Tuesday, using the settlement price for DME futures, the ICE one-minute marker for Singapore and the Brent-Dubai EFS as calculated by Reuters. Some traders said values of November spot Oman cargoes would reflect the increase in the DME premium, but physical trade was likely to lag until next week as traders remained focused on meetings and industry functions in the sidelines of Singapore's annual Asia-Pacific Petroleum Conference (APPEC). Company executives are still upbeat about booming energy consumption in the region, despite the uncertainty surrounding the pace of global economic growth. Newcomers into Asia are vying with more-established oil suppliers from the Middle East to snatch a bigger slice of a growing pie, raising little concern among the incumbents about a potential loss of market share. * OSPs - Qatar has cut its August retroactive official selling price (OSP) for Qatar Marine crude to $105.60 a barrel, down $4.85 from July, Qatar News Agency said on Tuesday. The Gulf Arab state also set the August Qatar Land crude OSP at $108.15, down $4.9 from July. * EAST-WEST - The Brent/Dubai Exchange of Futures for Swaps (EFS) for October slipped 10 cents to $5.05 a barrel at 0830 GMT, Reuters data showed. The front-month EFS on June 15 touched $9.20, the highest intraday value since the spread reached a record of almost $12 in October 2004. - The premium of October Dubai swaps over November remained at steep 29 cents, unchanged from Tuesday, indicating strong buying interest for prompt cargoes. * MARKET NEWS - Leading Chinese refineries will raise their crude oil throughput in September to the highest level this year, after PetroChina restarted a major crude unit in its largest Dalian refinery, a Reuters poll showed. - Taiwan's Formosa Petrochemical Corp will restart the last of three crude distillation units (CDUs) at its refinery by Thursday after the plant was completely shut in end-July following a fire, a company spokesman said on Tuesday. - Kuwait has no plans to boost budget spending in the next fiscal year, nor does it expect budget cuts in the coming months, the Gulf Arab country's finance minister said. - Syria is looking to sell the oil it can no longer export to Europe to Russia, China and other non-Arab countries, its finance minister said. - Japan's commercial crude inventories last week fell 10.5 percent to their lowest since before the March earthquake and tsunami shut some refineries in the northeast of the country, reflecting production adjustments at the end of the summer holiday season. * REFINERY MARGINS - Complex processing margins for Dubai in Singapore were around $8.76 per barrel, down from an average of the last five days of $10.24, Reuters data show. Over the last year, the average margin has been around $7.20 per barrel. * CRACK SPREADS - Fuel oil's October crack narrowed 11 cents to a discount of $6.47 a barrel to Dubai crude. - Gas oil's October crack fell 29 cents to a premium of $17.50 a barrel to Dubai crude. - The naphtha CFR Japan front-month crack narrowed 10 cents to a discount of $6.14 a barrel to Brent. * OUTRIGHT PRICES - October ICE Brent LCOc1 was at $113.58 a barrel at 0830 GMT, up $2.60 from Tuesday. [O/ (Reporting by Alejandro Barbajosa; editing by James Jukwey)

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