Middle East crude benchmark spot premiums of Oman fell sharply on Thursday to their lowest since December, while those of Dubai and Murban marginally gained.
The Middle East market has been under pressure by rising supplies outlook as OPEC+ is expected to agree on Saturday to accelerate oil production hikes in July.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 8 cents to $1.58 a barrel.
Total and Vito will both deliver a July-loading Oman crude cargo to PetroChina following the deals.
NEWS
Kazakhstan’s Energy Minister Erlan Akkenzhenov said on Thursday that an oil price above $70-$75 per barrel is likely to be suitable for all countries.
OPEC+ agreed on Wednesday to establish a mechanism for setting baselines for its 2027 oil production, while OPEC+ sources said that separate talks on Saturday could agree a further accelerated oil output hike for July.
Chevron CVX has terminated the oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to its partner, state company PDVSA, but it plans to retain its direct staff in the country, four sources close to the decisions said.
Libya’s eastern-based government said on Wednesday it may announce a force majeure on oil fields and ports citing “repeated assaults on the National Oil Corporation (NOC).”
Source: Reuters