SINGAPORE- Middle East crude benchmarks Oman and Dubai extended losses on Thursday despite a recovery in Russian ESPO crude premiums.

Unipec will deliver a February-loading Oman crude cargo to Gunvor following deals on Platts window.



Spot premiums for Russian ESPO crude rose further in two tenders this week as China's demand recovered for cargoes loading in second-half of February, trade sources said.

"Market is hotter than last week," one of the sources said, adding that refiners were topping up on low inventory amid low crude prices and as refining margins were holding firm.

Surgutneftegaz sold a cargo for Feb. 24-28 loading at $3.40-$3.50 a barrel above Dubai quotes likely to Shell, the sources said, edging up from $3.10-$3.15 in the previous tender.

Another producer Gazprom Neft sold a cargo for Feb. 14-28 loading to Unipec at a premium of about $3.40 a barrel, they said.



ConocoPhillips has sold a February-loading Kimanis crude cargo at $6 a barrel above dated Brent, probably to PTT, traders said. Petronas has also sold a Labuan cargo loading in the same month at similar levels, they said.

PV Oil has sold February-loading Bunga Orkid cargo at about $5 a barrel above dated Brent, traders said.



South Korea decided to release 3.17 million barrels of oil reserves throughout January to March 2022, the nation's industry ministry said on Thursday, in a globally coordinated effort to stabilise prices and stimulate economic recovery. 

Of the 3.17 million barrels - 3.3% of the total 97 million barrels of oil reserves - some 2.08 million barrels of crude will be released to local refiners through rental agreement, while the other 1.09 million barrels of petroleum products will be released through a bidding process.



Thailand's PTT has bought Nigerian Erha and U.S. WTI crude on behalf of refiner IRPC via a tender for March arrival, traders said. Further information on prices and sellers was not immediately available.

India's IOC has bought at least 4 million barrels of west African crude for February loading and issued another tender that will close on Thursday. 



The U.S. government has authorized the purchase by Petroleos Mexicanos (Pemex) of Royal Dutch Shell's controlling interest in a Texas oil refinery in a transaction that should conclude early next year, Mexico's government said Wednesday. 



Royal Dutch Shell's Nigerian subsidiary SPDC has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge, the company said in a statement. 

Ocean freight costs are likely to remain high in 2022 as investors and regulators scramble to accelerate decarbonisation of the shipping industry and companies grapple with green financing, sources say. 

Sri Lanka plans to settle $251 million in oil import dues owed to Iran by bartering tea, a Sri Lankan minister said on Wednesday, amid dwindling foreign reserves.

Aramco Trading Company (ATC) said on Wednesday it has signed an agreement with Australian retailer United Petroleum for potential long-term fuel supply, product storage and other business opportunities. 

(Reporting by Florence Tan; Editing by Krishna Chandra Eluri) ((; Reuters Messaging: