SINGAPORE- Middle East crude benchmarks Oman and Dubai rose on Monday, a day after Saudi Arabia raised selling prices for its crude grades to all destinations for July, following a decision by OPEC and its allies to extend record oil production cuts until the end of July.

Saudi Aramco on Sunday raised the July price for its Arab light crude to Asia to plus $0.20 a barrel, up $6.10 from June, it said in a statement on Sunday. The increase was more than expected. 

Gulf OPEC producers Saudi Arabia, Kuwait and the United Arab Emirates have no plans to extend beyond June their voluntary additional oil output cuts of 1.180 million barrels per day (bpd), four sources told Reuters. 

 

ASIA-PACIFIC CRUDE:

PV Oil has offered three 300,000-barrel cargoes of Su Tu Den crude loading August 10-16, August 17-23 and August 24-30 in a tender closing on June 12 with bids valid till June 16.

Pertamina has re-issued and closed a tender selling one 600,000-barrel cargo of Banyu Urip crude loading June 25-26. Bids are valid till Tuesday.

 

U.S. CRUDE:

Indian Oil Corp, the country's top refiner, is seeking to buy up to 24 million barrels of U.S. oil for delivery between October 2020 and March 2021, tender documents showed, as part of its efforts to diversify supply. urn:newsml:reuters.com:*:nL4N2DL1EU

The move will help IOC to hedge against unpredictable pricing moves by Middle East producers, a source familiar with the matter said, speaking on condition of anonymity.

 

NEWS

Iraq affirmed its commitment to the OPEC+ oil production cut deal but asked the group to take into consideration the members’ economic situation in sharing the burden of future cuts, Iraqi Finance Minister Ali Allawi said on Sunday. 

China's crude oil imports jumped 19.2% in May from a year earlier, to the highest monthly level on record, as demand for fuel recovered robustly after the easing of curbs to stop the spread of the novel coronavirus. urn:newsml:reuters.com:*:nL4N2DK04C

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