Saturday, 12 July 2025 | 15:45
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Middle East Crude-Benchmarks slip; Saudi August shipment to China to rise to over 2-year high

Saturday, 12 July 2025 | 00:00

Middle East crude benchmark spot premiums of Oman, Dubai and Murban slipped on Friday and registered weekly declines as OPEC+ planned a higher-than-expected hike for its August output.

Saudi Arabia’s crude oil exports to China are set to rise to the highest in more than two years in August, five trade sources said on Friday, as the top exporter seeks to regain market share in the world’s biggest importer.

State oil firm Saudi Aramco 2222 will ship about 51 million barrels to China in August, or 1.65 million barrels per day (bpd), a tally of allocations to Chinese refiners showed.

The supply is 4 million barrels higher than July’s allotted volume and the highest since April 2023, data by Reuters and Kpler showed.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 10 cents to $2.94 a barrel.

PetroChina will deliver a September-loading Upper Zakum crude cargo to Vitol following the deals.

BP’s BP. second-quarter results are expected to be impacted by lower prices received for gas and oil, while its upstream output is set to be higher than previously forecast, the company said in a trading update on Friday ahead of results due on August 5.

The International Energy Agency on Friday raised its forecast for supply growth this year after OPEC+’s latest decision to pump more oil, while it trimmed its outlook for demand, saying that in recent months oil use has slowed down significantly.

The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand.

The European Commission is expected to propose a floating Russian oil price cap this week as part of a new draft sanctions package in an attempt to overcome opposition from some member states, four EU diplomats said.

India needs to increase its petrochemical production capacity to meet local and global demand and contain China’s growing dominance of the sector, a senior Reliance Industries official said on Friday.
Source: Reuters

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