Middle East crude benchmark spot premiums of Oman and Dubai held steady on Monday, while that of Murban extended declines after hitting a near six-month peak last week.
Mangalore Refinery and Petrochemicals Ltd MRPL has bought two Azeri Light crude cargoes from Trafigura for September delivery via a tender, trade sources said on Monday, a rare purchase of the grade for the Indian refiner.
The price for the 650,000-barrel cargoes was not immediately clear.
The purchase came after the grade’s spot premiums slipped to their lowest level in four years following quality issues.
India’s Hindustan Petroleum Corp HINDPETRO bought a total of four million barrels of West African crude last month, trade sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps was unchanged at $2.93 a barrel.
NEWS
An OPEC+ panel is unlikely to alter existing plans to raise oil output when it meets on Monday, four OPEC+ delegates said, noting the producer group is keen to recover market share while summer demand is helping to absorb the extra barrels.
India’s crude oil imports in June fell 4.7% month-on-month to 20.32 million metric tons, the lowest level since February, government data showed on Monday.
Russia’s daily oil exports from its western ports are set to be around 1.77 million barrels per day (bpd) in August, down from 1.93 million bpd in July’s plan, amid the expected rise in refinery runs, Reuters calculations based on data from two sources show.
Saudi Arabia, the world’s biggest oil exporter, may hike crude oil prices for Asian buyers for the second month in a row, with September prices set to hit five-month highs on tight supply and robust demand, refining sources said.
Source: Reuters