Middle East crude benchmarks Oman, Dubai and Murban dipped slightly on Monday, though activities in spot market stayed thin.

Market was awaiting more official selling prices from major producers and Saudi Aramco’s allocation for March-loading oil.

The Abu Dhabi National Oil Company (ADNOC) has set the March official selling price (OSP) of its benchmark Murban crude at $80.22 a barrel, it said on Friday, up from February’s OSP of $73.28.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 10 cents to $3.35 a barrel.

REFINERY

Lyondell Basell Industries LYB completed the final shutdown of its 263,776 barrel-per-day Houston refinery, people familiar with plant operations said on Friday.

NEWS

Venezuela’s state oil company PDVSA has resumed regular imports of light crude as its own output of medium and light grades dwindles, creating bottlenecks for producing exportable blends, according to company documents and vessel tracking data.

U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since July 2024, energy services firm Baker Hughes BKR said in its closely followed report on Friday.

Russia’s Federal Anti-Monopoly Service may initiate a one-month ban on gasoline exports by large producers in order to stabilise wholesale prices ahead of the crop-sowing season, state news agency TASS reported on Friday.

Activist investor Elliott Investment Management has built a stake in oil major BP BP., a source familiar with the matter told Reuters on Saturday.
Source: Reuters