Middle East Crude-Benchmarks rise amid flurry of tenders

Middle East crude benchmarks Oman and Dubai rose on Monday

  

SINGAPORE- Middle East crude benchmarks Oman and Dubai rose on Monday as spot market activities gathered pace.

Iraq's SOMO offered 1 million barrels of Basra Heavy crude, loading July 29-31, via a monthly tender closing on Wednesday.

Qatar Petroleum (QP) offered two cargoes of Al-Shaheen crude, loading Aug. 7-8 and Aug. 28-29, via a monthly tender closing on Tuesday. It also offered one August-loading cargo each of Qatar Land and Qatar Marine crude via the tender.

For condensate, QP offered August-loading Deodorized Field Condensate (DFC) and Low Sulphur Condensate (LSC) via its monthly tender.

Russia's Surgut offered two cargoes of ESPO Blend crude, loading July 31-Aug. 5 and Aug. 3-8, via its first tender this month, to be closed on Tuesday.

REFINERY

Hyundai Oilbank Co Ltd, the refinery unit of Hyundai Heavy Industries Holdings decided on Monday to pursue a listing in the South Korean market during 2022, Hyundai Heavy said in a regulatory filing on Monday. 

NEWS

The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said on Friday, just a few weeks after saying long-term oil production must decline to reduce emissions. 

Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions. 

Spanish oil and gas firm Repsol has hired banks to present a new transition financing framework to investors that will allow the company to issue sustainability-linked bonds, according to a lead manager on Monday. 

Brazilian state-run oil firm Petroleo Brasileiro SA said on Friday that its Chinese partners in the Buzios pre-salt oil field will have to pay it $2.94 billion for its prior investment in exploration under the TOR rights to surplus oil found there.

(Reporting By Shu Zhang; Editing by Ramakrishnan M.) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4)) oil outright prices 0#C-A ))


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