Middle East Crude-Benchmarks rise; QP close monthly tenders

Middle East crude benchmarks Oman and Dubai rose on Monday


SINGAPORE- Middle East crude benchmarks Oman and Dubai rose on Monday, as global oil futures hit their highest in about 13 months.

Qatar Petroleum (QP) closed its spot crude tender selling two cargoes of al-Shaheen, loading April 2-3 and April 28-29, and one cargo each of April-loading Qatar Land and Qatar Marine.

QP also closed its monthly spot condensate tender selling April-loading Deodorized Field Condensate, and a term tender selling 500,000 barrel per month of Low Sulphur Condensate for the April-September period.

QP also closed a term tender selling a total of 1.3 million-1.8 million barrels of al-Rayyan crude for the period of March 2021-February 2022.

The QP tenders have validity until late on Tuesday.

Iraq's SOMO offered 1 million barrels of Basra Heavy, loading March 29-31, via a spot tender to be closed on Wednesday.

India's MRPL is seeking 1 million barrels of sour crude for delivery over April 1-10. The tender will close on Wednesday.

Indonesia's Pertamina issued a new tender seeking sweet crude for delivery over March 1-10, which will close on Tuesday.


Iran has set the March official selling price (OSP) of its Iranian Light crude oil grade for Asian buyers at 85 cents above the Oman/Dubai average, up 5 cents from the previous month.


Malaysia's Kimanis crude oil exports will fall to 7 cargoes in April, compared with 9 cargoes in the previous month, according to a preliminary programme. 


Japan's biggest refiner, Eneos Corp, said on Monday it shut down its 145,000 barrels-per-day (bpd) Sendai refinery after it was hit by a large earthquake on Saturday that caused injuries and damage throughout northern Japan.


Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a U.S. stimulus and an easing of lockdowns will buoy fuel demand provided support. 

The global oil market is on a recovery path and the oil price this year could average $45-$60 per barrel, Russian Deputy Prime Minister Alexander Novak was quoted as saying on Sunday. 

Iraq is in advanced talks with state-run Chinese companies to discuss building crude oil storage facilities in China as part a plan to boost oil sales to Asia, Iraq's oil minister told Reuters. 

Iran's oil reserves risk becoming stranded assets unless the new U.S. administration eases sanctions that have left the country lagging rivals in output capacity and losing a race against time as the transition to low carbon energy gathers pace. 

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

More From Commodities