Middle East Crude-Benchmarks steady; IOC seeks more spot crude

Middle East crude benchmarks Oman and Dubai were steady on Tuesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai were steady on Tuesday as the June-loading trade cycle has not yet gathered pace.

Market attention is on Qatar Petroleum's monthly tenders, due on Wednesday, which will provide some indications on market sentiment for sour crude.

Indian Oil Corp has issued a new batch of spot tenders, due on Thursday, to seek June sour and sweet crude. The refiner bought 8 million barrels of West African crude via a prior batch of tenders last week. 

The Organization of the Petroleum Exporting Countries will release its April monthly oil market report at 1300 GMT on Tuesday.

OSPs

Iraq has raised the May official selling price (OSP) for Basra Light crude to Asia to Oman/Dubai plus $1.40 a barrel, up $0.10 from the previous month. 

ASIA-PACIFIC CRUDE:

Vietnam's PV Oil sold a 400,000-barrel cargo of Dai Hung crude, loading June 16-22, to domestic Binh Son refinery at a premium of $1.5 or above, traders said.

NEWS

China's crude oil imports jumped 21% in March from a low base of comparison a year earlier as refiners ramped up operation amid robust fuel demand post-COVID-19, though purchases slowed ahead of the maintenance season. 

Black Sea CPC Blend oil exports from Yuzhnaya Ozereyevka terminal were set at 5.27 million tonnes for May compared to 5.02 million tonnes planned for export in April, the schedule showed. 

U.S. oil output from seven major shale formations is expected to rise for a third straight month, climbing by about 13,000 barrels per day (bpd) in May to 7.61 million bpd, the U.S. Energy Information Administration said on Monday.

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

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