Middle East crude oil supplies, especially medium and heavy sour grades, are set to tighten further from May, raising costs for refiners from Asia to Europe and pushing them to seek more supply from Russia, Africa and the Americas.
SAUDI OSP PREVIEW Top oil exporter Saudi Arabia may raise crude prices for Asia in May after OPEC+ announced additional production cuts to shore up the market just as China's demand is expected to increase in the second quarter as refineries finish maintenance. The May official selling price (OSP) for flagship Arab Light crude could be hiked by about 20 cents to $2.7 a barrel, a third month of increases, a Reuters survey of sources from five Asian refiners showed on Monday. SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 46 cents to $2 a barrel.
Seller-Buyer Price
PETROCHINA-VITOL 84.15
PETROCHINA-GLENCORE 84.10
PHILLIPS 66-VITOL 84.10
PETROCHINA-PHILLIPS 66 84.05
PETROCHINA-BP 84.05
PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 84.11 77.79 DME OMAN DIFF TO DUBAI 2.06 1.28 CASH DUBAI 84.05 78.05
NEWS Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Iraq's federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to restart northern oil exports this week, a KRG spokesman said on Sunday, and Baghdad will write to Turkey to request a resumption in pipeline flows. Russia increased its sea-borne diesel exports by 12% month-on-month in March to 4.5 million tonnes, boosting shipments to other destinations after its products were banned from the EU market, Refinitiv data and Reuters calculations showed.
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