Middle East crude benchmarks fell on Monday, with Dubai and Oman premiums sliding for a fourth consecutive session.

More cargo deliveries also emerged for August-loading crude, including two cargoes of Oman and one cargo of al-Shaheen.

Meanwhile, oil producers Dubai and Iran issued their latest official selling prices (OSP).

DUBAI AND IRAN OSPS

– Dubai has set its official crude differential for September at parity to DME Oman futures, the Dubai Department of Petroleum Affairs said on Monday.

– Iran has set the official selling price for its light crude oil grade for Asian buyers at $2.60 a barrel above the Oman/Dubai average for July, down $0.50 from the previous month, state-owned National Iranian Oil Company (NIOC) said on Monday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps slipped 20 cents from the previous session to 66 cents a barrel on Monday.

Unipec will be delivering an August-loading cargo of Oman crude to Mitsui and Total, respectively. Trafigura will be delivering an August-loading cargo of al-Shaheen crude to Mercuria.

An executive of the Dangote Refinery said on Sunday that oil majors were blocking its access to locally produced crude oil by selling it above market price or claiming it was unavailable, forcing the company to rely on expensive imports.

– Binh Son Refining and Petrochemical said on Monday it had signed a new contract to buy crude oil from Bach Ho field for the 2024-2027 period.

– U.S. refiners pumped out jet fuel last week at the fastest pace since the pandemic, government data showed, as they look to keep up with forecasts of record air travel this summer.

– Russian gasoline production has increased by only 2% from May’s average in the first 18 days of June, less than expected by the energy ministry, the Kommersant newspaper reported on Monday, citing sources familiar with the official data.

– The first liquefied natural gas tanker since January is sailing through the Red Sea, just days after Yemen-based Houthi militants sank their second vessel in attacks begun last November.
Source: Reuters (Reporting by Jeslyn Lerh and Florence Tan; Editing by Vijay Kishore)