Middle East crude benchmarks Oman and Dubai eased on Friday, despite a flurry of purchases on the window that led to the delivery of another three cargoes.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 15 cents to $1.12 a barrel. Koch will deliver one cargo each of May-loading Oman to Total and PetroChina while Unipec will deliver an Upper Zakum crude cargoes to PetroChina.

This brings the total number of cargoes delivered on window this month to top buyers PetroChina and Total to 13 – including nine Upper Zakum cargoes and two cargoes each of al-Shaheen and Oman – with PetroChina and Total as top buyers.

REFINERY

Fuel shipments resumed early Friday from TotalEnergies SE’s TTE Gonfreville refinery in Normandy after police intervened to disperse refinery workers holding a blockage, Energy Minister Agnes Pannier-Runacher said on Friday.

NEWS

It could take years for the United States to refill the Strategic Petroleum Reserve, the energy secretary told lawmakers on Thursday, after sales directed by President Joe Biden last year pushed the stockpile to its lowest level since 1983.

Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia’s oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported.

Savannah Energy Plc SAVEL said on Friday it planned to pursue all its legal rights to contest Chad’s move a day earlier to nationalise its upstream assets in the African country.

State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.
Source: Reuters