Middle East crude benchmark spot premiums all inched downwards on Monday, after the tender result of QatarEnergy for its crude oil loading in April.

The term price was set at $3.50 per barrel above Dubai quotes, down from the premium of $3.81 per barrel set for March-loading cargoes, the sources said.

Despite the decline, the latest term price by Qatar stood close to the level highest since December 2022.

Qatar awarded the al-Shaheen cargoes to Glencore at the term price, it also sold a Qatar Land crude cargo at a premium of about $2 a barrel above Dubai prices to Vitol, the sources said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 7 cents to $3.08 a barrel.

NEWS

BP BP. has started production from the second development phase of the Raven field offshore Egypt, the global oil company said on Sunday.

China’s offshore oil and gas major CNOOC Ltd 600938, 600938 said on Monday it has started pumping oil from the Buzios 7 project, which is part of a deepwater project off Brazil.

Oil flows via the Caspian Pipeline Consortium (CPC) were reduced on Monday after a drone struck the Kropotkinskaya pumping station in Russia’s southern Krasnodar region, the CPC said in a statement.

Oil exports from the semi-autonomous Kurdistan region will resume next week, Iraq’s oil minister said on Monday, resolving a near two-year dispute as ties between Baghdad and Erbil improve.
Source: Reuters