Middle East crude benchmarks Oman, Dubai and Murban slid on Monday to near two-week lows as ceasefire talks aimed at ending the Russia-Ukraine war raised expectations of more Russian supplies.
An increase of Russian barrels in the global market would weigh down demand and prices for the Middle East crude.
A U.S. delegation will seek progress toward a Black Sea ceasefire and a broader cessation of violence in the war in Ukraine when it meets for talks with Russian officials on Monday, after discussions with diplomats from Ukraine on Sunday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 28 cents to $1.15 a barrel, the lowest since March 12.
PetroChina will deliver a May-loading Al-Shaheen crude cargo and a May-loading Oman crude cargo to Vitol following the deals.
NEWS
Iraq’s oil minister Hayan Abdel-Ghani has said Iranian oil tankers seized by U.S. forces in the Gulf were using forged Iraqi documents.
China Petroleum & Chemical Corp, known as Sinopec, reported a 16.8% decline in 2024 net profit, citing lower crude oil prices and the accelerated development of the new energy vehicle (NEV) industry.
Iraq plans to raise oil production capacity to more than 6 million barrels per day (bpd) by 2029, the state news agency reported Iraq’s oil ministry as saying on Sunday.
Source: Reuters