Middle East crude benchmarks Oman, Dubai and Murban fell on Monday as the prospect of a resumption in crude exports from northern Iraq weighed on the oil market outlook.

Oil exports from Iraq’s Kurdistan region will resume in a week, the Iraqi oil minister said on Monday.

Meanwhile, all eyes remain on efforts to end Russia’s war on Ukraine. Officials said on Sunday that European Union leaders will meet for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security guarantees.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 23 cents to $2.94 a barrel, the lowest since January 10.

NEWS

Iraq will export 185,000 barrels per day from Kurdistan’s oilfields through the Iraq-Turkey pipeline once the oil shipments resume, an Iraqi oil ministry official said on Sunday.

India’s crude oil imports rose 3.2% month-on-month to 20.85 million metric tons in January, the highest since May 2024, government data showed on Monday.
Black Sea CPC Blend oil exports were revised up to 1.67 million barrels per day (bpd) in February’s programme from 1.42 million bpd in a previous version due to higher supply from Kazakh oilfields, two sources familiar with the loading plan said.

Transpetro, the logistics subsidiary of Brazil’s Petrobras PETR3 is set to launch a tender for four new tanker vessels around the middle of 2025 and hopes to include nine others in the state-run oil firm’s strategic plan for the 2026-2030 period, Transpetro chief Sergio Bacci told Reuters.
Source: Reuters