Middle East crude benchmark spot premium of Oman, Dubai and Murban rose on Tuesday after dropping in previous three sessions.
The market showed some steadiness after pricing in another output hike by OPEC+ in July in previous trade.
Eight OPEC+ countries will meet on May 31, a meeting likely to finalise their July output, which sources have previously told Reuters will entail a production increase of 411,000 barrels per day.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 44 cents to $64.01 a barrel.
ExxonMobil and Reliance will each deliver a July-loading Upper Zakum crude cargo to PetroChina following the deals.
NEWS
OPEC+ is doing its best to balance the oil market, but needs to be mindful of rising demand, United Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei said on Tuesday.
Russian Deputy Prime Minister Alexander Novak said on Monday the OPEC+ group of leading oil producers has not discussed yet hiking output by another 411,000 barrels per day ahead of its meeting, RIA news agency reported.
State Oil Company of Azerbaijan, global commodity trader Gunvor and Abu Dhabi-based Bin Butti Group are expected to submit binding offers for Italian oil refiner Italiana Petroli next week, two sources close to the deal said on Tuesday.
Brazil’s Petrobras PETR3 wants to review Braskem’s BRKM3 shareholders agreement for possible changes to allow it more say in the petrochemical firm’s decisions, three sources close to the matter at the state-run oil firm told Reuters.
The Iraqi federal government’s oil ministry has sued the semi-autonomous Kurdistan Region of Iraq over oil and gas contracts it signed with U.S. firms, three sources with direct knowledge of the matter said and a document showed.
Source: Reuters