Middle East crude benchmarks Oman, Dubai and Murban rose on Monday as spot trades for November-loading cargoes start this week.
Saudi Aramco 2223.SE has notified at least five North Asian buyers that it will supply full contractual volumes of crude oil in October, sources with knowledge of the matter said, despite the extended voluntary output cuts pledged by the Kingdom.
Chinese refiners have maintained their October nominated volume at similar levels as September of around 50 million barrels combined, according to three trading sources.
OSP
Qatar Energy raised the October official selling prices (OSPs) for Qatar Land crude by $1.05 from the prior month to $1.30 a barrel over the Dubai quotes. For Qatar Marine crude, the OSP was increased by 35 cents to $1.00 a barrel over the Dubai quotes.
Iraqi Oil Marketing Company (SOMO) set the October OSP for Basrah Medium to Asia at $1.80 a barrel above Oman/Dubai average, up from $1.40 a barrel in September.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 8 cents to $2.06 a barrel.
NEWS
India and Saudi Arabia are likely to sign an energy cooperation memorandum of understanding after a meeting between Indian Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman on Monday, a source familiar with the matter said.
Russia’s domestic fuel shortage should ease somewhat soon as repair works are nearing completion at a few oil refineries, which will provide more gasoline, Russia’s news agencies cited Energy Ministry’s Nikolai Shulginov, as saying on Monday.
Kuwait Petroleum International CEO Shafi Al-Ajmi said that completion of Duqum refinery project in Oman was at 98.9% by end of July, Kuwait’s state news agency KUNA reported on Monday.
Source: Reuters (Reporting by Muyu Xu; Editing by Sonia Cheema)