Middle East Crude-Benchmarks fall; EFS narrows to over 1-month low

Middle East crude benchmarks Oman and Dubai fell on Thursday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai fell on Thursday, tracking a drop in global oil futures after diplomats said progress was made towards a deal to lift sanctions on Iran.

Brent crude's premium to Dubai swaps narrowed for a third straight session to $2.86 a barrel, its smallest since April 1, Refinitiv Eikon data showed. 

Qatar Petroleum sold three cargoes of July-loading al-Shaheen crude at an average spot premium of about $1.7 a barrel to Dubai quotes, a 16-month high, via its monthly spot tender, traders said. 

Iraq's SOMO sold its Basra Heavy crude cargo at 70 cents above the grade's OSP via tender to Unipec, a trader said.

Russia's Surgutneftegaz sold three cargoes of ESPO Blend crude, a China-focused grade, at lower spot premiums of around $2.9-$3.2 a barrel to Dubai quotes via its third tender, traders said. 

REFINERY

Indian Oil Corp, the country's top refiner, said on Thursday it would resume purchases of Iranian oil if Washington lifts sanctions against Tehran over its disputed nuclear programme. 

NEWS

OPEC+ compliance with oil production cuts in April reached 113%, two sources from the producers group told Reuters. 

China's imports from Saudi Arabia slowed in April but the kingdom retained its position as China's top supplier of crude oil for an eighth consecutive month, customs data showed on Thursday, while arrivals from the United Arab Emirates plunged. 

U.S. oil majors Exxon Mobil Corp and Chevron Corp on Thursday branded Australia's proposed industry-wide levy to cover the cost of decommissioning an offshore oil field, which neither has had any stake in, as "arbitrary" and "disappointing". 

Indonesia's state oil company PT Pertamina expects to invest $92 billion in the period from last year to 2024, its chief executive said on Thursday, as the country seeks to rely less on energy imports and rein in its current account deficit. 

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


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