Middle East crude benchmarks Oman and Dubai dipped for a second day on Friday as more Venezuelan oil is expected to hit the market following U.S. sanctionrelief, reducing demand for other crude.
Venezuelan state-run oil company PDVSA has begun contacting customers with crude supply contracts amid the temporary lifting of U.S. sanctions, two people familiar with the mattersaid on Thursday, moving to resume cash sales to global refiners.
Rising costs of crude oil squeezed profits at China’s independent refineries amid stiff competition for limited Russian supply, while the price of Venezuelan crude gained ground.
In tenders, Qatar Energy likely sold December-loading Qatar Marine crude at $2.35 a barrel over the Dubai quotes via its monthly tender, and Qatar Land crude at about $3 a barrel over the Dubai quotes.
CHINA
Russian crude oil arrivals in China fell in September from a peak level set in the prior month, following Moscow’s export cuts and the rising of oil prices, but Russia still maintained its spot as China’s top oil supplier.
INDIA
Russia-backed Indian refiners Nayara Energy Ltd imported a record high volume of Russian oil in September at 289,000 barrels per day (bpd), up about 13.7% from August, tanker data obtained from multiple trading and industry sources showed.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps dipped 6 cents to $2.36 a barrel.
NEWS
President Joe Biden’s administration is hoping to buy 6 million barrels of crude oil for delivery to the Strategic Petroleum Reserve in December and January, as it continued its plan to replenish the emergency stockpile, the U.S. Department of Energy said on Thursday.
Japan is urging Saudi Arabia and other oil producing nations to increase supplies to stabilise the global oil market, the chief cabinet secretary said on Thursday, as rising fuel prices amid the Middle East conflict threaten to impact the global economy.
Vietnam is seeking investment from oil giant Saudi Aramco 2223.SE in its petrochemical and oil refinery projects, the Southeast Asian country’s government said.
U.S. senators from both parties are readying legislation to help the federal government enforce oil sanctions on Iran, the office of Senator Joni Ernst, a Republican, told Reuters on Thursday.
Source: Reuters (Reporting by Muyu Xu; Editing by Janane Venkatraman)