Middle East Crude-Benchmarks drop; Saudi Arabia OSPs await

Kitco Media
By Reuters
Published:
Updated:
Reuters
SINGAPORE, April 5 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban eased for a second day as the market remains waiting for top oil exporter Saudi Arabia to reveal its official selling prices (OSPs) in May. The OSPs, typically released around the fifth of each month, are expected to rise in May as the OPEC+ announced additional output cut on Sunday.


RUSSIAN OIL India's Bank of Baroda has stopped clearing payments for Russian oil sold above the price cap set by the West from this month, three sources with direct knowledge of the matter said, a move that could expedite transition to a rupee trade mechanism. Russian Urals oil exports from Baltic Ust-Luga port are seen at 1.0 million tonnes for April 1-10, unchanged from the same period in March, two sources familiar with the loadings said on Tuesday. SINGAPORE CASH DEALS


Cash Dubai's premium to swaps fell by 20 cents to $1.68 a barrel.
Seller-Buyer Price PETROCHINA-VITOL 84.90 PETROCHINA-GLENCORE 84.85 PETROCHINA-BP 84.85 PETROCHINA-VITOL 84.85 PETROCHINA-GLENCORE 84.85 PHILLIPS 66-VITOL 84.85 PETROCHINA-GLENCORE 84.85 PHILLIPS 66-VITOL 84.85 PHILLIPS 66-VITOL 84.85 PETROCHINA-BP 84.85 PHILLIPS 66-VITOL 84.90 RELIANCE-VITOL 84.90 PETROCHINA-BP 84.90 PHILLIPS 66-VITOL 84.90 PETROCHINA-BP 84.90 RELIANCE-VITOL 84.90 RELIANCE-PHILLIPS 66 84.85


PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 84.91 85.11 DME OMAN DIFF TO DUBAI 1.69 1.94 CASH DUBAI 84.90 85.05


NEWS Iraq's federal government and the Kurdistan Regional Government (KRG) signed a temporary agreement on Tuesday to restart northern oil exports through Turkey, as part of a broader deal to end decades of political and economic disputes. The surprise oil output cuts announced on Sunday by OPEC+ members illustrate their greater power over the market, given limited supply growth by other producers such as U.S. shale firms and still-growing demand despite the energy transition. The Feyzin refinery in eastern France operated by TotalEnergies has returned to normal production levels, a company spokesperson said Wednesday.


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