SINGAPORE- Middle East crude benchmarks Oman and Dubai were mixed on Monday as the May-loading trade cycle approaches its end, while Abu Dhabi started trading the new Murban crude futures contracts.

The contract, which prices Abu Dhabi's flagship Murban grade that accounts for more than half of ADNOC's production, will offer an alternative benchmark to Platts Dubai and DME Oman. 

ADNOC will set the monthly official selling price (OSP) for Murban based on the futures contract and price its other three grades, Das, Umm Lulu and Upper Zakum, at differentials to the Murban contract. To allow its oil be freely traded, the producer removed restrictions on destinations for all its crude exports ahead of the launch.

 

ASIA-PACIFIC CRUDE:

PV Oil has sold a cargo of Thang Long crude, loading May 25-29, at a premium of $1-$1.5 above dated Brent to Exxon Mobil via a spot tender, traders said.

 

REFINERY

Indonesian state oil company Pertamina said on Monday it hoped to restore operations at its Balongan oil refinery in West Java in four or five days, as firefighters worked to extinguish a massive blaze that broke out overnight, injuring five people.

China's Sinopec Corp, Asia's largest oil refiner, aims to be carbon neutral by 2050, with its near-term strategy focused on natural gas development and a long-term pivot to hydrogen, top executives said on Monday. 

 

NEWS

Russia would support broadly stable oil output by OPEC+ group of leading global oil producers in May, while seeking a relatively small output hike for itself to meet the rising seasonal demand, a source familiar with Russia's thinking said on Monday.

A huge container ship blocking Egypt's Suez Canal for nearly a week has been partially refloated, the Suez Canal Authority (SCA) said on Monday, raising hopes the busy waterway will soon be reopened for a big backlog of ships.

Exxon Mobil and Chevron Corp have scaled back activity dramatically in the top U.S. shale oil field, where just a year ago the two companies were dominating in the high-desert landscape. 

Indian oil minister Dharmendra Pradhan on Friday described his Saudi counterpart's advice to reduce oil stores to tackle high crude prices as "undiplomatic".

Goldman Sachs expects OPEC+ to keep its production unchanged for May when the group meets next week, "with a still large ramp-up of 3.4 million barrels per day expected by September", the bank said on Friday. 

Chevron Corp has emerged as a leading contender to buy a Royal Dutch Shell Plc refinery in the U.S. Pacific Northwest, three people familiar with the matter said on Friday. 

 

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