Middle East Crude-Benchmarks inch up; Dubai differential at 17-mth high

Middle East crude benchmarks Oman and Dubai edged up on Tuesday

  
A general view of the drilling platform, the first out of four oil platforms to be installed at Norway's giant offshore Johan Sverdrup field during the 1st phase development, near Stord, western Norway September 4, 2017. Image used for illustrator purpose

A general view of the drilling platform, the first out of four oil platforms to be installed at Norway's giant offshore Johan Sverdrup field during the 1st phase development, near Stord, western Norway September 4, 2017. Image used for illustrator purpose

REUTERS/Nerijus Adomaitis

SINGAPORE- Middle East crude benchmarks Oman and Dubai edged up on Tuesday.

Japan's Fuji Oil bought two August-loading cargoes of Banoco Arab Medium crude at a premium of above 10 cents to its official selling price, two traders said.

China's Rongsheng issued a spot tender, closing on Wednesday, to buy crude loading in August or for delivery in September.

Qatar Petroleum and India MRPL closed their spot crude tenders.

Russia's Surgut is due to close its first ESPO crude tender later on Tuesday.

India's IOC awarded its tender for August-loading cargoes to ExxonMobil for a cargo of Qua Iboe, Totsa for Bonny Light and Akpo as well as Chevron for Agbami and Escravos. 

NEWS

Equinor will increase the share of investment it dedicates to renewable energy and so-called low-carbon solutions as it seeks to broaden its business, the Norwegian oil and gas producer said in a strategy update on Tuesday.

The share of fossil fuels in the world's total energy mix is as high as a decade ago, despite the falling cost of renewables and pressure on governments to act on climate change, a report by green energy policy network REN21 showed on Tuesday. 

U.S. oil output from seven major shale formations is expected to rise by about 38,000 barrels per day (bpd) in July to about 7.8 million bpd, the highest since November, the U.S. Energy Information Administration said in a monthly forecast on Monday.

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


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