Middle East crude benchmarks Oman, Dubai and Murban extended declines on Wednesday, while traders waited for the results of QatarEnergy tenders.

The producer has offered crude cargoes for May loading in its monthly tenders that closed on Wednesday.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 9 cents to $1.15 a barrel.

PetroChina will deliver a May Upper Zakum crude cargo to Vitol following the deals.

NEWS

Canadian Energy Minister Jonathan Wilkinson told CNN on Tuesday his country will respond shortly to any tariffs from the U.S. while also adding Canada was not looking to escalate or provoke trade tensions between the two countries.

U.S. oil production will peak between 2027 and 2030, Occidental Petroleum Corp OXY CEO Vicki Hollub said on Tuesday at the CERAWeek conference in Houston, Texas.

Kazakhstan has yet to deliver its announced oil output and CPC Blend export cuts through the Caspian Pipeline Consortium (CPC), its main exporting route, five industry sources said.

U.S. crude oil and natural gas production, along with demand for natural gas and electricity, will all rise to record highs in 2025, the U.S. Energy Information Administration (EIA) said on Tuesday in its Short Term Energy Outlook (STEO) report.
Source: Reuters