Middle East crude benchmarks Oman and Dubai extended declines on Tuesday while Mercuria received another two cargoes via trades on the Platts window.

SAUDI OSP PREVIEW

Saudi Arabia, the world’s biggest oil exporter, may cut prices for most crude grades it sells to Asia in July, the first cut in five months, as Middle East benchmarks and margins for Asian refiners have weakened, refining sources said.

The July official selling price (OSP) for flagship Arab Light crude is expected to fall by 30 to 50 cents a barrel, a Reuters survey of five refiners showed, after hitting a five-month high in June.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 13 cents to $1.45 a barrel.

Mercuria received one Upper Zakum crude cargo from PetroChina and an Oman from Mercuria following the deals.

The Swiss trader has so far received nine of the 10 cargoes delivered on Platts window this month. These include one cargo each of Murban and Dubai, two cargoes each of al-Shaheen and Oman and three Upper Zakum cargoes.

NEWS

Hess Corp HES.N shareholders will vote on Tuesday on Chevron’s CVX proposed $53 billion acquisition of the company, after many investors have called for a delay in hopes of obtaining a better offer for their shares.

Mexican state energy company Pemex exported 681,000 barrels per day (bpd) of crude oil in April, a year-on-year decrease of 31%, company numbers showed, as production has been declining for the past few months.

Trinidad and Tobago received six bids from BP BP.L, Shell SHEL.L and US shale producer EOG Resources EOG.N on four blocks to explore for oil and gas as its 2023 shallow water auction closed on Monday.

Pertamina Hulu Energi, the upstream unit of Indonesian state energy company Pertamina, is targeting oil and gas lifting of 760,000 barrels of oil equivalent per day in 2025 from its domestic assets, its chief executive said on Tuesday.
Source: Reuters (Reporting by Florence Tan; Editing by Tasim Zahid)