Middle East crude benchmarks Oman, Dubai and Murban extended declines on Friday, with spot premiums to Dubai quotes for all three grades slipping under $1.60 a barrel.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 9 cents to $1.59 a barrel amid strong selling pressure on Platts window.
Vitol will deliver a July-loading Upper Zakum crude cargo to Mercuria following the trades. On Thursday, three cargoes were delivered on the window. Mercuria received a Dubai cargo from BP and an Oman cargo from Gunvor. Reliance delivered a July-loading Upper Zakum crude cargo to Glencore.
NEWS
Russia, in a rare admission of oil overproduction, said overnight that it exceeded its OPEC+ production quota in April for “technical reasons”, a surprise move that analysts and industry sources say shows Moscow faces challenges in curbing output.
Russian oil and products ship-to-ship (STS) operations near Greece’s Kalamata declined sharply in May following a Greek naval advisory banning ship traffic off the coast of the southeastern Peloponnese,
LSEG and traders’ data showed.
Indian refiners’ use of crude oil vessels to ship refined fuels such as diesel to key European markets has diminished in May after volumes neared two-year high levels last month, trade sources and analysts said.
State-run China National Offshore Oil Co 0883.HK said on Friday it had signed oil exploration and production concession contracts with Mozambique’s energy ministry and national energy company ENH.
The U.S. has received up to 50 requests for individual licenses from companies aiming to do business in Venezuela’s oil industry, following the expiration of a general authorization granted last year to the sector, the chief of the U.S. mission for Venezuela said late on Wednesday.
Australia’s northeastern state of Queensland has blocked a carbon capture and storage project proposed by commodities giant Glencore GLEN.L as it could irreversibly harm groundwater used by farmers, the state government said on Friday.
Source: Reuters (Reporting by Florence Tan; Editing by Ravi Prakash Kumar)