Middle East Crude-Benchmarks extend gains on firm Asian demand

Middle East crude benchmarks extended gains on Monday

  

SINGAPORE- Middle East crude benchmarks extended gains on Monday supported by firm demand from Asia.

A recovery in Asian refiners' margins as well as a wide price spread between Brent and Dubai, lifted demand for Dubai-linked grades this month.

TENDERS

ChemChina bought one of two 740,000-barrel Surgut ESPO cargoes at a premium of around $4.50 per barrel to benchmark quotes, trade sources said.

The two cargoes were offered for loading over Nov. 21-28 and Nov. 25-30.

The buyer of the second cargo could not yet be identified.

NEWS

OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq's oil minister said, adding the group is expected to stick to its current production accord when it meets in October "if prices remain stable". 

Angola plans to export 30 cargoes of crude oil in November, sharply down from the 38 planned for October, according to a provisional programme seen by traders. 

The volume is set to be the lowest in at least 13 years and is below a nadir of 33 cargoes in July, signalling the struggle of Africa's No.2 oil exporter to reverse declining output from its ageing fields.

Saudi Arabia, the world's biggest oil exporter, kept its ranking as China's top crude supplier for a ninth straight month in August as major producers relaxed production cuts. 

Saudi oil arrivals surged 53% from a year earlier to 8.06 million tonnes, or 1.96 million barrels per day (bpd), data from the General Administration of Customs showed on Monday.

(Reporting by Roslan Khasawneh; Editing by Shailesh Kuber) ((roslan.khasawneh@thomsonreuters.com; Reuters Messaging: roslan.khasawneh.thomsonreuters.com@reuters.net))


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