Middle East crude benchmark spot premiums of Oman, Dubai and Murban moved lower on Tuesday after registering a weekly gain previously, as ample supply weighs on the market.
Saudi Arabia’s crude oil supply to China will hold steady in June after hitting the highest in more than a year in the previous month, trade sources said on Tuesday, following the OPEC+ decision to increase output.
State oil firm Saudi Aramco 2222 will ship about 48 million barrels to China in June, a tally of allocations to Chinese refiners showed, the same as in May, which was the highest amount since at least 2024, according to Reuters data.
Participants are also awaiting QatarEnergy’s tender result for July-loading cargoes that closed on Tuesday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 13 cents to $1.41 a barrel.
Vitol will deliver one July-loading Murban crude cargo to PetroChina following the deals.
NEWS
U.S. President Donald Trump arrived in Saudi Arabia on Tuesday at the start of a four-day visit to the wealthy Gulf region, focusing more on economic deals than regional security matters ranging from war in Gaza to talks on Iran’s nuclear program.
Black Sea CPC Blend oil exports via the Caspian Pipeline Consortium (CPC) system were set at 1.5 million barrels per day (or about 6 million metric tons) for May, down from some 1.6 million barrels per day in April, two industry sources said.
The European Union does not intend to revive its imports of Russian energy after a potential peace deal between Ukraine and Russia, the bloc’s Energy Commissioner said on Tuesday.
Iraq is set to export 3.2 million barrels per day of crude oil in May and June, an Iraqi official with knowledge of the matter told Reuters, in what would amount to a significant reduction from previous months.
Source: Reuters