Middle East crude benchmark Dubai edged higher on Friday, with spot premium rising just above $1 per barrel, while Murban price declined and premium remained steady.

QatarEnergy has set the August term price for al-Shaheen crude at $1.21 a barrel above Dubai quotes, trade sources said.

The premium for term supplies loading in August is down versus $1.82 a barrel in July.

The term price was set after QatarEnergy sold three cargoes via a tender, traders said.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps rose by 43 cents to $1.02 a barrel.

A total of 55 Dubai partials traded, leading Unipec to deliver an August-loading Oman crude to Mercuria.

NEWS

– Russia’s energy ministry said on Thursday that its oil production in May exceeded quotas set by the OPEC+ group of major oil producing countries, while pledging to meet its obligations.

The ministry said in a statement that the issue of overproduction would be resolved in June and targeted levels would be achieved.

– OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday.

– Refined oil products stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by more than 3% in the week to Thursday, data from Dutch consultancy Insights Global showed.

– Debris from a downed Ukrainian drone damaged an unused reservoir at a fuel depot in Russia’s Voronezh region on Friday, regional governor Alexander Gusev said on the Telegram messaging app.

– Nigerian billionaire Aliko Dangote says his petroleum refinery on the outskirts of Lagos owes $2.7 billion in loans taken out to help build the 650,000 barrels per day plant.
Source: Reuters (Reporting by Mohi Narayan; Editing by Eileen Soreng)