Middle East Crude-Benchmarks dip; Sokol, Oman, Murban fetch high spot premiums

Middle East crude benchmarks Oman and Dubai edged lower on Wednesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai edged lower on Wednesday, while Asia's spot premium for Russian Sokol crude hit the highest level recorded since January 2020.

Indian explorer ONGC Videsh sold one Sokol cargo, loading Sept. 2-8, at $4.8 a barrel above Dubai quotes to trading house Trafigura, trade sources said.

ONGC offered a second Sokol crude cargo, loading Sept. 15-21, via a tender closing on Friday with same-day validity.

Iraq's SOMO offered 1 million barrels of Basra Light crude, loading Aug. 28-30, via a spot tender closing next Monday.

Qatar Petroleum closed its monthly crude tender with bids valid till Thursday.

In the spot market, an Indian refiner bought 2 million barrels of Oman crude at about $3.2 a barrel above September Dubai quotes on a CIF basis, a trader said.

Earlier this week, Murban crude was sold at about $3.55 a barrel above Dubai quotes to a Japanese buyer, traders said.

NEWS

The European Union will on Wednesday unveil its most ambitious plan yet to tackle climate change, aiming to pull ahead in the race among the world's biggest economies to turn far-off green goals into concrete action this decade. 

The oil market will see tighter supply for now amid a dispute inside OPEC+ about how to ease production curbs but it still faces the risk of a dash for market share if disagreement persists, the International Energy Agency (IEA) said on Tuesday. 

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


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