Middle East Crude-Benchmarks fall; Shell snaps up 2 cargoes

Middle East crude benchmarks Oman and Dubai fell on Monday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai fell on Monday as many Asian refiners completed their purchases.

India's MPRL is seeking 1 million barrels of crude for delivery around the second half of September via a tender closing on July 28 with bids valid till July 30.

WINDOW

Cash Dubai's premium to swaps fell 7 cents to $2.17 a barrel.

BP and Hengli each declared a September-loading cargo of Upper Zakum crude to Shell following the trades.

REFINERY

Indian refiners' crude throughput in June was little changed from the previous month when it fell to multi-month lows as a severe second wave of coronavirus restrained demand, forcing refiners to reduce runs. 

NEWS

Beijing's crackdown on the misuse of import quotas combined with the impact of high crude prices could see China's growth in oil imports sink to the lowest in two decades in 2021, despite an expected rise in refining rates in the second half. 

The United States is considering cracking down on Iranian oil sales to China as it braces for the possibility that Tehran may not return to nuclear talks or may adopt a harder line whenever it does, a U.S. official said.

U.S. energy firms added oil and natural gas rigs for a fourth week in a row for the first time since May, spurred by higher oil prices although growth in drilling has been modest as producers favor spending austerity. 

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


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