Middle East Crude-Benchmarks fall; ADNOC cuts Sept OSPs

Middle East crude benchmarks Oman and Dubai fell on Tuesday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai fell on Tuesday as market participants awaited the release of fresh official selling prices (OSPs) and Saudi crude allocation results.

Abu Dhabi National Oil Company (ADNOC) has set the September OSP for its benchmark Murban crude at plus $0.85 per barrel to Platts Dubai, lowering it by $0.90 from the previous month, the company said.

Refiners were still waiting for Saudi Aramco's allocation results for term crude buyers, traders said.

ONGC offered a Russian Sokol crude cargo loading Oct 27-Nov 2 via its second spot tender this month. The tender will close on Thursday. 

Vietnam's Dung Quat oil refinery has processed its first batch of Sokol crude oil on a trial basis, paving the way for further reducing its reliance on shrinking domestic Bach Ho output.

NEWS

Energy companies have begun taking back millions of barrels of oil from the U.S. government's emergency stockpile after renting storage in the facility to help manage a glut of crude this spring after energy demand collapsed during COVID-19 lockdowns, a Department of Energy website showed on Monday. 

Occidental Petroleum Corp on Monday posted a $8.35 billion second-quarter loss on lower energy prices and write-downs as the U.S. oil producer has been trying to reduce debt amid a pandemic that has sapped fuel demand and prices. 

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

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