Middle East crude benchmarks Oman, Dubai and Murban retreated on Tuesday as the market watched for potential sanction relief from the U.S. on Venezuelan oil, which would add supply to the global market.
Venezuela’s government and opposition will resume long-suspended talks on Tuesday that President Nicolas Maduro said would benefit the upcoming 2024 election, a move that could lead to Washington easing sanctions, multiple sources said on Monday.
The U.S. could quickly follow the signing of the government-opposition agreement with authorizations related to Venezuela’s oil business, two people in Washington familiar with the matter said on the condition of anonymity.
In tenders, Qatar Energy sought to sell three December-loading al-Shaheen cargoes, one Qatar Marine cargo and One Qatar Land cargo via its monthly tender, which will be valid until Wednesday.
Meanwhile, China’s Rongsheng was looking to buy December-loading or mid-December to January-arrival crude cargoes.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps edged lower by 1 cent to $2.99 a barrel.
PetroChina will deliver one December-loading Oman to Gunvor following the trades.
NEWS
Saudi oil giant Aramco’s 2223.SE Chief Executive Amin Nasser said on Tuesday he saw global demand for oil at 103 million barrels a day (bpd) in the second half of this year, while world spare capacity is now at 3 million bpd.
Saudi Arabia’s crude oil exports in August hit their lowest level in 28 months as they fell for a fifth straight month, data from the Joint OrganisationsData Initiative (JODI) showed on Monday.
U.S. oil output from top shale-producing regions is set to fall for a third month in a row in November to its lowest since May, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday.
Brazilian state-run oil firm Petrobras PETR4.SA said on Monday its combined crude and natural gas output in the third quarter reached 3.98 million barrels of oil equivalent per day from the projects it operates.
Source: Reuters (Reporting by Muyu Xu; Editing by Shilpi Majumdar)