Middle East crude benchmarks Oman, Dubai and Murban steadied on Wednesday at around their highest in over a year after rallying in previous sessions.
The strong gains earlier this week were boosted by the latest U.S. sanctions on Russia that prompted buyers in China and India to seek more supplies from the Middle East and other regions.
The market also awaited Qatar’s March-loading crude tender result which is expected soon.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 5 cents to $3.79 a barrel, a 14-month high.
PetroChina will deliver a March-loading Upper Zakum crude cargo to TotalEnergies following the deals.
Unipec will deliver a March-loading Oman crude cargo to TotalEnergies following the deals.
NEWS
The latest round of U.S. sanctions against Russian oil announced last Friday could significantly disrupt the country’s oil supply chains, the International Energy Agency said in a monthly report on Wednesday.
Oil shipping rates extended their rally on expectations of a tightening in global tanker supply from wider U.S. sanctions on Russia’s fleet and traders’ demand for ships to load Middle East oil for Asia, industry sources said on Wednesday.
Guyana exported 225 cargoes of crude oil in 2024, its energy minister said on Tuesday, as a consortium led by U.S. major Exxon Mobil XOM continued ramping up production and completed an update at its facilities.
A joint venture of Shell SHEL and CNOOC 600938 plans to expand its petrochemical facility in south China’s Guangdong province in a project targeted for completion in 2028, it said on Wednesday.
Source: Reuters