Middle East Crude-Benchmarks edge higher; oil producers raise Feb OSPs

Middle East crude benchmarks Oman and Dubai rose slightly on Monday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai rose slightly on Monday as spot trading for March-loading cargoes kicked off.

ONGC Videsh sold a cargo of Russian Sokol crude, loading over March 1-7, to trading house Gunvor at about $1.30 a barrel above Dubai quotes, traders said. 

ONGC has offered another Sokol crude cargo, loading March 14-20, via a spot tender to be closed on Wednesday with same-day validity.

Following top oil exporter Saudi Arabia's price increase, ADNOC, Iraq, Kuwait, Qatar and Iran have also raised their February official selling prices (OSPs) for Asian buyers. 

Qatar Petroleum (QP) offered two cargoes of al-Shaheen crude, loading March 1-2 and Mar. 29-30, via its monthly tender to be closed on Wednesday with bids valid till Thursday.

QP has also offered March-loading Qatar Land crude and Deodorized Field Condensate (DFC) vis tenders.

ASIA-PACIFIC CRUDE:

Vietnam's PV Oil offered a 250,000-barrel cargo of Thang Long crude, loading Mar. 19-24, via a tender closing on Wednesday with bids valid till Jan. 20.

Malaysia's Kimanis crude oil exports will likely rise to nine cargoes in March, from eight cargoes in February, a trade source said.

REFINERY

Thai oil refiner and petrochemical producer IRPC Pcl on Friday said it plans to shut some of its refining units in January and February for maintenance. 

NEWS

A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer.

Kazakhstan has suspended oil transit via Russia's Transneft pipeline system because of electricity disruptions caused by winter weather, but its main export route to the Mediterranean is unaffected, Interfax and an official said. 

Norway plans to more than triple its national tax on carbon dioxide (CO2) emissions by 2030 to help it reach its climate goals, the government said on Friday, drawing criticism from the country's powerful oil lobby. 

(Reporting By Shu Zhang; Editing by Rashmi Aich) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))utright prices 0#C-A ))


More From Commodities