Middle East Crude-Benchmarks fall; EFS narrows

Brent crude's premium to Dubai quotes retreated after rising for five consecutive sessions

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai fell on Wednesday as most Asian refiners have completed their purchases.

Brent crude's premium to Dubai quotes retreated after rising for five consecutive sessions to $3.98 a barrel at Singapore market's close, Refinitiv Eikon data showed.

Dubai has set its official differential to Oman futures 1OQc1 for September at a discount of $0.20 per barrel, the Dubai Department of Petroleum Affairs said on Wednesday. 

ASIA-PACIFIC CRUDE:

Vietnam's PV Oil sold two Su Tu Den crude cargoes at around $2.2 a barrel above dated Brent to Taiyo Oil via a tender, traders said.

REFINERY

Indian refiners' crude throughput slipped to its lowest level in seven months in May as a raging second wave of coronavirus drove a slump in domestic fuel demand and crude imports, government data showed on Tuesday. 

Taiwan's state-owned refiner CPC Corp has started cleaning up an offshore oil spill caused by a pipeline that cracked during the discharging of oil from a vessel at its Talin refinery, the company's spokesman said. 

NEWS

Iran said Washington had agreed to remove all sanctions on Iran's oil and shipping, and take some senior figures off a blacklist, at talks to revive Tehran's 2015 nuclear deal with global powers which are now on a pause.

Norway's oil and gas industry is counting on renewable power from hydro plants to cut emissions from its offshore platforms but rival demand from the green economy is putting a spanner in the works. 

A week before the latest deadline to pass Nigeria's long-awaited oil overhaul bill, demands for big changes, including from community leaders seeking an increased share of revenues, could push its passage into late this year, four sources told Reuters. 

Russia's largest oil producer, Rosneft, would be able to commission its spare oil production capacity of 300,000 barrels per day within three months, Renaissance Capital analysts said in a note a day after an online meeting with company managers. 

South Sudan officially launched its first oil licensing auction with five blocks on offer, the Ministry of Petroleum said in a statement. 

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


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