Middle East crude benchmark spot premiums of Dubai hit their highest in one month on Friday, while that of Oman rebounded after hitting a six-month low in the previous session.
Market participants are widely expecting another hike by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, ahead of a meeting between eight of its members on Saturday.
With the rising supply outlook and uncertainty about U.S. tariffs after the latest legal twist kept them in place, oil prices are set for a marginal decline this week.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 12 cents to $1.70 a barrel.
ExxonMobil will deliver a July-loading Upper Zakum crude cargo to PetroChina following the deals.
BP and Vitol will each deliver a July-loading Oman crude cargo to PetroChina following the deals.
For May, Vitol sold 17 cargoes, or 8.5 million barrels. PetroChina bought 27 cargoes, or 13.5 million barrels.
NEWS
Saudi Finance Minister Mohammed Al-Jadaan said the kingdom would “take stock” of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported on Thursday.
U.S. crude and fuel inventories all fell last week, while crude imports from Nigeria hit their highest level in nearly six years, the Energy Information Administration said on Thursday.
The arbitration proceedings in Exxon Mobil’s XOM contractual dispute over Chevron’s CVX planned acquisition of Hess HES concluded this week and a decision is expected in about two to three months, Exxon senior vice president Neil Chapman said on Thursday.
India’s diesel exports to Southeast Asia for May are expected to be the highest in at least four years, according to shiptrackers and three trade sources, as traders eyed higher profits in Asia and as higher freight costs deterred shipments to Europe.
Source: Reuters