Middle East crude benchmarks Oman, Dubai and Murban extended gains on Tuesday on the back of resilient demand and robust refining margins.

OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation.

ASIAN REFINERIES

Japan’s Cosmo Oil, a unit of Cosmo Energy Holdings 5021.T, shut down the 86,000 barrels-per-day (bpd) crude distillation unit at the Yokkaichi refinery on Sept. 9 due to electrical system trouble, a company spokesperson said on Tuesday.

NEWS

Russia loaded the second oil cargo for delivery to Brazil in September, two traders said and LSEG data showed.

Russia’s Sakhalin Energy, which produces liquefied natural gas and oil, has fully resumed production following maintenance, Interfax news agency reported on Tuesday, quoting Gazprom’s GAZP.MM Deputy CEO Vitaly Markelov.

Ithaca Energy ITH.L agreed to acquire Shell’s SHEL.L 30% stake to take full control of the undeveloped Cambo oil and gas field in the West of Shetland region of the British North Sea, the smaller oil producer said on Tuesday.
Source: Reuters (Reporting by Muyu Xu; Editing by Shounak Dasgupta)