Middle East crude benchmarks Oman, Dubai and Murban on Wednesday surged to three-week peaks, as global supply tightness concerns deepened.
Saudi Arabia and Russia extending supply cuts to the end of 2023 will lock in a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it stuck by its demand growth estimates for this year and next.
Meanwhile, Russian oil production is seen declining by 1.5% to 527 million metric tons (10.54 million barrels per day) this year from 535 million in 2022, newspaper Izvestia reported, citing an interview with Energy Minister Nikolai Shulginov.
For tenders, Qatar Energy is looking to sell three al-Shaheen crude cargoes, one Qatar Marine cargo and one Qatar Land cargo, all for November-loading. The tender will close on Sept. 14.
China’s Rongsheng is seeking to buy 500,000 barrels to 2 million barrels of sour crude for November-loading or mid-November to December arrival. The tender will also close on Sept. 14.
ASIAN REFINERIES
Oman’s new Duqm oil refinery shipped out its first diesel cargo on Tuesday amid trial runs at the complex, the latest facility in the Middle East to commence operations, according to several trade sources and shiptracking data.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 19 cents to $2.30 a barrel.
NEWS
U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute figures on Wednesday.
Kuwait Oil Company’s first offshore exploratory and drilling operations for oil and gas are expected to end in 2026, the state-owned firm’s chief geologist said.
Four major oil ports in Libya have reopened after shutting down on Saturday because of the powerful storm that swept the country, killing thousands of people, port agent Al Omran International Maritime Agencies said on Wednesday.
Tullow Oil TLW.L trimmed its 2023 production forecast on Wednesday, hitting its shares, but the West Africa-focused company said it was poised to benefit from investment in the start-up of a new field.
Source: Reuters (Reporting by Muyu Xu; Editing by Varun H K)