SINGAPORE- Middle East crude benchmarks Oman and Dubai rebounded on Tuesday while Abu Dhabi National Oil Company (ADNOC) informed term buyers that it will reduce the contractual volume of crude loading in January.

The term supply of ADNOC's flagship Murban crude grade will be reduced by 20%, while the volume of two other grades - Upper Zakum and Das - will be cut by 15%, sources told Reuters. ADNOC will also trim the supply of Umm Lulu crude grade by 5% in January, one of the sources said.

ADNOC has also set the January official selling price (OSP) for its benchmark Murban crude at plus $0.50 per barrel to Platts Dubai, compared to previous month's minus $0.25.

In the spot market, ONGC cancelled its tender to sell a February-loading Russian Sokol crude cargo and will likely bring the cargo to its refinery in India, traders said.

 

ASIA-PACIFIC CRUDE:

Three cargoes of Australia's North West Shelf (NWS) condensate are scheduled to load in February, unchanged from the previous month, a preliminary loading programme showed on Tuesday.

Vietnam's PV Oil has offered a Chim Sao crude cargo, loading Feb. 16-20, via a tender to be closed on Wednesday with bids valid till Dec.14.

PV has also offered a Thang Long crude cargo, loading Feb. 2-5, via a tender to be closed on Thursday with bids valid till Dec. 17.

 

NEWS

OPEC, Russia and allies, a group known as OPEC+, are likely to hold their next meeting to set oil policy on Jan. 4, two sources close to the group said on Monday.

Russian President Vladimir Putin will hold a government meeting on Wednesday and may discuss the OPEC+ oil deal, a Kremlin spokesman said. 

Ecuador's state oil company Petroecuador has barred Vitol Inc from its list of suppliers and customers after the Swiss trading firm's U.S. subsidiary admitted guilt to U.S. charges of bribing officials in Latin America to win lucrative contracts. 

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