Middle East Crude-Benchmarks dip; QP issues monthly tender

Middle East crude benchmarks Oman and Dubai dipped on Monday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai dipped on Monday, after top oil exporter, Saudi Arabia, met most Asian customers' requirements for May-loading crude.

Some buyers had asked for lower volumes partly because of refinery maintenance and higher prices, sources told Reuters. 

The demand for lower volumes comes just as the kingdom is set to phase out additional voluntary production cuts over the next few months under plans agreed by the Organization of the Petroleum Exporting Countries and their allies including Russia to ease supply cuts.

In the spot market, Qatar Petroleum (QP) offered three cargoes of al-Shaheen crude, loading June 1-2, June 27-28 and June 28-29, and one June-loading cargo each of Qatar Land and Qatar Marine crude, via its monthly tender closing on Wednesday, with bids valid till Thursday.

Vietnam's Binh Son refinery closed a tender seeking crude for June 10-20 delivery.

Taiwan's Formosa did not award a Friday tender seeking sweet crude for June delivery.

OSPs

Iran had set the May official selling price of its Iranian Light crude oil grade for Asian buyers at $1.60 cents above the Oman/Dubai average, up 35 cents from the previous month. 

ASIA-PACIFIC CRUDE:

Malaysia's Kimanis crude oil exports will remain unchanged at 9 cargoes in June, including one cross-month cargo, a preliminary programme showed.

NEWS

Yemen's Iran-aligned Houthi movement said on Monday it had fired 17 drones and two ballistic missiles at Saudi targets, including towards Saudi Aramco refineries in Jubail and Jeddah. 

India's fuel consumption rose in March for the first time in three months, to its highest since December 2019, as economic activity gradually picked up after a coronavirus-induced slowdown. 

The International Monetary Fund expects inflation in Iran to rise further this year and called for reforms as the economy recovers from the coronavirus crisis.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting By Shu Zhang; Editing by Amy Caren Daniel) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))

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