Middle East crude benchmark spot premiums of Oman, Dubai and Murban climbed on Friday and posted small gains for this week.
Saudi Arabia, the world’s top oil exporter, on Friday lowered crude oil prices for Asian buyers in April for the first time in three months, in line with market expectations and after OPEC+ agreed to gradually increase supply in the same month.
State oil company Saudi Aramco lowered the April official selling price (OSP) for flagship Arab Light crude by 40 cents to $3.50 a barrel above the average of Oman and Dubai prices, a pricing document from the producer showed.
The company also lowered April prices for other grades it sells to Asia.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 20 cents to $1.37 a barrel.
PetroChina will deliver two May-loading Upper Zakum crude cargoes to Vitol following the deals.
Meanwhile, Abu Dhabi National Oil Company (ADNOC) bought two partials using S&P Global Platts’ pricing process for Middle East benchmark Dubai crude oil, traders said on Friday.
NEWS
China’s crude oil imports fell 5% in the first two months of 2025 versus year-ago levels, data showed on Friday, as tougher U.S. sanctions on ships carrying Russian and Iranian oil and a Chinese port ban slowed flows into the world’s top importer.
Shell SHEL has begun production at Phase 4 of its Sabah deepwater oil project in Malaysian and Bruneian waters, it said on Friday.
Exports of Kazakhstan’s CPC Blend to Asia are expected to stay high in March and April after hitting their highest in well over a year, according to traders and shipping data, as Chinese and South Korean buyers replaced more expensive Middle Eastern oil.
Norwegian oil company DNO DNO has agreed to buy rival Sval Energi from private equity group HitecVision in a deal valued at $1.6 billion, it said on Friday, marking the latest case of consolidation among North Sea oil and gas producers.
Indian state refiner Bharat Petroleum Corp BPCL plans to float a 4-month tender next week to buy U.S. West Texas Intermediate (WTI) crude, a person familiar with the matter said on Friday, as it eyes cheaper oil from the world’s top producer.
Source: Reuters