Middle East crude benchmark spot premiums of Oman, Dubai and Murban fell on Thursday after a report that OPEC+ is discussing a production increase for July.
The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, are discussing whether to make another large output increase at their meeting on June 1, Bloomberg News reported.
Indonesia’s Pertamina issued tenders to buy a total of 900,000 barrels July and August-delivery crude and condensate for its Cilacap refinery; the tender is valid till May 23, trade sources said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 25 cents to $1.21 a barrel.
Reliance and Gunvor will each deliver a July-loading Upper Zakum crude cargo to PetroChina following the deals.
P66 will deliver a July-loading Murban crude cargo to PetroChina following the deals.
BP will deliver a July-loading Oman crude cargo to Mitsui following the deals.
Vitol will deliver a July-loading Oman crude cargo to PetroChina following the deals.
NEWS
Poland’s military intervened after a ship from the Russian “shadow fleet” was seen performing suspicious manoeuvres near a power cable connecting Poland with Sweden, Poland’s prime minister said on Wednesday.
U.S. crude andfuel inventories posted surprise stock builds last week, the Energy Information Administration said on Wednesday, as crude imports hit a six-week high and gasoline, distillate demand slipped.
Phillips 66 PSX and activist investor Elliott Investment Management each won two seats on the oil refiner’s board at an annual shareholders meeting on Wednesday, capping one of the biggest corporate boardroom battles of the year.
Polish energy group Orlen PKN posted a 54% rise in first-quarter net profit on Thursday, as strong upstream performance helped offset lower sales and refining margins.
Source: Reuters