The Middle East crude benchmark spot premium of Murban pulled back on Tuesday after surging in the previous session on lowered export forecasts, while Dubai fell for a second session.
Abu Dhabi National Oil Co (ADNOC) has lowered its monthly export forecast for Murban crude from August to next May to increase processing at its own refinery.
Middle Eastern crude was under more supply pressure as eight key OPEC+ members agreed to raise production by 411,000 barrels per day from July, after agreeing the same-sized increases in output in May and June.
NEWS
Refiners across the globe are reaping unexpected profits from producing key fuels in recent weeks, offering an ailing sector respite before an anticipated weakening later this year, as plant closures have tightened fuel supply needed to meet peak summer demand.
Exxon Mobil XOM and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP BP. is expected to buy into new Azeri offshore fields, according to three sources.
Brazilian state-run oil firm Petrobras PETR3 said it will reduce gasoline prices to distributors from Tuesday, marking the first price cut for the fuel since October 2023.
President Donald Trump’s budget proposes to shut as soon as in a few months the Northeast Home Heating Oil Reserve, which stores 1 million barrels of diesel and was designed to protect consumers.
Source: Reuters