Middle Eastern crude benchmarks Oman, Dubai and Murban plunged on Wednesday, tracking a broad, multi-asset price retreat after the U.S. Federal Reserve official signalled big rate hikes.
Dollar index DXY jumped to a three-month high on Wednesday, making greenback-denominated oil more expensive for holders of other currencies.
RUSSIAN OIL
Russia plans to cut oil exports and transit from its western ports in March by 10% on a daily basis versus February, according to market sources and Reuters calculations.
Oil loadings from Primorsk, Ust-Luga and Novorossiisk in March were set at 8.68 million tonnes, roughly unchanged from February, but down on a daily basis, as March has three more days.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 18 cents to $1.99 a barrel.
NEWS
U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies.
U.S. crude production and demand will rise in 2023 as Chinese travel drives consumption, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday.
The U.S. government is not planning a systematic easing of sanctions on Venezuela after an initial round allowed partners of state-run oil firm PDVSA to resume taking oil for past debts, a State Department official said.
Deliveries from TotalEnergies’ TTE refineries are suspended due to new strike action triggered by the government’s planned pension reform, a company spokesperson said on Wednesday.
Source: Reuters