Middle East crude benchmarks Oman, Dubai and Murban fell on Wednesday amid expectations of higher supply, with that of Dubai hitting its lowest level in more than a week.
The unwinding of 411,000 barrels per day (bpd) in July by OPEC+ states and the outlook of the group to continue to hike production have been weighing on the market.
Global oil prices held steady on Wednesday as mounting supply expectations were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.
QatarEnergy on Wednesday set its July marine crude official selling prices at a premium of 70 cents per barrel to Oman/Dubai prices.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 21 cents to $0.82 a barrel.
NEWS
Russia’s oil and gas revenue declined by 35% in May to 512.7 billion roubles ($6.55 billion) from the same month a year ago, finance ministry data showed on Wednesday, which would likely make Russia more resistant to further OPEC+ oil output hikes.
Venezuela’s oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA.
The owners of the Shah Deniz gas field in the Azeri Caspian Sea led by BP BP. made a final decision to invest $2.9 billion in expanding output from the project, BP said on Tuesday.
An oil-producing consortium in Guyana comprising Exxon Mobil XOM, Hess HES and CNOOC 600938 posted a 64% surge in 2024 profit to $10.4 billion, Exxon said on Tuesday, as facility updates allowed sustained output growth.
Source: Reuters