Middle East crude benchmarks Oman, Dubai and Murban declined for a second session on Tuesday after hitting their highest in more than one year last week.
The strong rally was underpinned by the latest U.S. sanctions targeting Russian energy trade, boosting demand for the Middle East barrels as buyers looked for alternatives.
Indian refiners Mangalore Refinery and Petrochemical Ltd (MRPL) MRPL and Bharat Petroleum Corp Ltd (BPCL) BPCL issued tenders this week seeking crude oil, trade sources said on Tuesday, after harsher U.S. sanctions disrupted Russian supply.
MRPL issued its first crude import tender in more than a year, seeking offers of 1 million or 2 million barrels on a cost and freight (C&F) or a delivered at port (DAP) basis to be delivered on Feb. 16-28, according to the notice and sources.
The notice did not specify which crude grades were sought but the sources said MRPL is open to offers of both sweet and sour crude.
The tender will close on Jan. 23, with bids valid on the same day.
Separately, BPCL is seeking 12 million barrels of Abu Dhabi’s flagship Murban crude oil in an annual tender, the sources said.
The refiner plans to buy 1 million barrels of the light sour crude per month from April 2025 to March 2026, they said.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 15 cents to $4.70 a barrel.
Unipec will deliver a March Oman crude cargo to TotalEnergies following the deals.
NEWS
U.S. President Donald Trump said on Monday that his administration would likely stop buying oil from Venezuela and was looking “very strongly” at the South American country.
Trump did not immediately impose tariffs on Monday as previously promised but said he was thinking about imposing 25%duties on imports from Canada and Mexico on Feb. 1 over illegal immigrants and fentanyl crossing into the U.S.
Abu Dhabi National Oil Company’s logistics arm has transferred its tankers to Navig8 after it bought 80% of the firm for more than $1 billion and will cut part of its workforce, the state oil giant said in a statement.
North Dakota’s oil production was estimated to be down by between 125,000 barrels per day (bpd) and 150,000 bpd due to extreme cold weather and related operational challenges, the state’s pipeline authority said on Monday.
Source: Reuters