Middle East Crude-Benchmarks fall; ONGC offers Sept-loading Sokol

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.

ONGC offered a cargo of Russian Sokol crude, loading Sept. 2-8, in its first tender this month closing on July 13 with same-day validity.

NEWS

Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources said, with OPEC and its allies yet to set a date for their next oil policy meeting.

U.S. shale producers promised investors they would keep a tight rein on spending in 2021, and the restraint on drilling has extended to their hedging strategies even as crude prices surged due to disarray among OPEC and allied producing countries.

U.S. crude oil production is expected to fall by 210,000 barrels per day (bpd) in 2021 to 11.10 million bpd, the U.S. Energy Information Administration (EIA) said on Wednesday, a smaller decline than its previous forecast for a drop of 230,000 bpd.

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


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