Middle East crude benchmark spot premiums of Oman and Dubai held steadied on Friday, while that of Murban dropped after touching its near six-month high in the previous session.

Global oil supply outlook strengthened after news reports of the United States is preparing to allow partners of Venezuela’s state-run PDVSA (PDVSA.UL), starting with U.S. oil major Chevron CVX, to operate with limitations in the sanctioned nation

The U.S.’s Venezuela move has drawn investors’ attention away from disruptions this week to Black Sea oil exports and Azeri BTC crude loading from the Turkish port of Ceyhan.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 2 cents to $2.93 a barrel.

PetroChina will deliver a September-loading Upper Zakum crude cargo to Vitol following the deals.

NEWS

Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday.

The United States is preparing to grant new authorizations to key partners of Venezuela’s state-run PDVSA, starting with Chevron CVX, to allow them to operate with limitations in the sanctioned OPEC nation and swap oil, five sources close to the matter said on Thursday.

Italian energy group Eni ENI said on Friday its second-quarter earnings fell 25% year-on-year as lower oil prices and a weaker dollar outweighed a better-than-expected performance at its gas business.

Refiner Valero Energy VLO beat Wall Street estimates for second-quarter earnings on Thursday, despite reporting lower profits from the previous year, as a rebound in refining margins helped cushion losses in the renewable diesel segment.
Source: Reuters