Middle East crude benchmarks Oman, Dubai and Murban continued to rise on Wednesday, supported by expectations of a demand revival in China and a supply disruption at Turkey’s Ceyhan oil terminal.

While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was, however, still working and sending oil to storage in Ceyhan, two sources said.

OSP

Iraq sets March Basrah Medium crude price to Asia at minus $1.10 a barrel versus the Oman/Dubai average, up 30 cents from a month ago, according to the Iraqi State Organization for Marketing of Oil (SOMO).

Qatar sets the official selling prices (OSPs) for March Marine crude at plus $0.40 a barrel against the Oman/Dubai average, and for Land crude at plus $1.10 a barrel against the Oman/Dubai average, according to a pricing document issued by Qatar Petroleum.

February OSPs for Qatar Marine and Qatar Land were set at $0.75 a barrel over the Oman/Dubai average and $2.10 a barrel, respectively.

INDIA

The minister also said India will consider buying oil from Iran and Venezuela if sanctions are lifted and would continue purchases from Russia if prices “continue to be good”.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose 6 cents to $2.01 a barrel.
Source: Reuters