Middle East crude benchmark spot premiums of Oman, Dubai and Murban edged up for a third consecutive session, as a sharp drop in oil prices buoyed demand from Asia.

A rising supply outlook and bleak demand expectation exacerbated by U.S.-China tariffs war have sent global oil prices plunging in recent weeks.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 15 cents to $1.90 a barrel.

PetroChina will deliver a June-loading Murban crude cargo to TotalEnergies following the deals.

NEWS

The Organization of the Petroleum Exporting Countries (OPEC) has received updated oil output compensation plans from eight countries that have exceeded voluntary production quotas within the OPEC+ group, it said on Wednesday.

A consortium led by U.S. oil major Exxon Mobil XOM is about to begin installing its fourth floating oil production facility in Guyana, the South American country’s maritime regulator said in a notice on Tuesday.

Indonesia will propose increasing its imports of crude oil and liquefied petroleum gas from the United States by around $10 billion as part of its tariff negotiations, energy minister Bahlil Lahadalia told local media on Tuesday.
Source: Reuters