Middle East Crude-Oman, Dubai rise on tighter supply outlook; Kuwait sets May OSP

SINGAPORE, April 12 (Reuters) - Middle East crude benchmarks Oman and Dubai advanced for a third consecutive session as the market expects tightening crude supply from the OPEC+ group from May when they start the additional output reduction. Analysts from Energy Aspects expected some Chinese and South Korean refiners have nominated 450,000 barrels-per-day (bpd) less of crude oil supply from Saudi Aramco in May than their contractual volume. Aramco may also choose to lower oil throughput at its domestic refineries to limit the amounts by which they must cut crude exports, the analysts said. Saudi Arabia plans to cut an extra of 500,000 bpd of crude production from May to the rest of the year. The top oil exporter was reported to supply full nominated volume to clients. OSP Kuwait raised the official selling price (OSP) for Kuwait Export Crude (KEC) to Asia in May by 25 cents from the previous month to $2.40 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed on Wednesday. The producer set the May Kuwait Super Light Crude (KSLC) OSP at $2.50 a barrel above Oman/Dubai quotes, 10 cents lower than the previous month. SINGAPORE CASH DEALS

Cash Dubai's premium to swaps edged up by 5 cents to $2.08 a barrel.
Seller-Buyer Price PHILLIPS 66-VITOL 85.50 EXXONMOBIL-VITOL 85.50 PETROCHINA-VITOL 85.50 RELIANCE-VITOL 85.50 EXXONMOBIL-GLENCORE 85.45 RELIANCE-VITOL 85.50 RELIANCE-VITOL 85.50 EXXONMOBIL-GLENCORE 85.50 RELIANCE-VITOL 85.50 PETROCHINA-BP 85.45 PETROCHINA-GLENCORE 85.50 RELIANCE-VITOL 85.50 EXXONMOBIL-GLENCORE 85.50 RELIANCE-VITOL 85.50 PETROCHINA-VITOL 85.50 EXXONMOBIL-GLENCORE 85.50 PETROCHINA-BP 85.49 EXXONMOBIL-VITOL 85.50 PETROCHINA-GUNVOR 85.50 PETROCHINA-BP 85.54

PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 85.55 84.54 DME OMAN DIFF TO DUBAI 2.13 1.97 CASH DUBAI 85.50 84.60

NEWS Non-OPEC countries will account for a higher percentage of oil production gains this year and next, a reversal of the last two years, the U.S. Energy Information Administration predicted on Tuesday. Italy gave conditional approval on Tuesday to the sale of the Lukoil-owned refinery in Sicily to Cypriot private equity firm G.O.I. Energy, people familiar with the matter told Reuters. Russia started fuel exports to Iran by rail this year for the first time after traditional buyers shunned trade with Moscow, according to three industry sources and exports data. Russia's government has approved the sale of Shell's former 27.5% stake in the Sakhalin-2 energy project to Russian energy firm Novatek for 94.8 billion roubles ($1.16 billion), a government order showed on Wednesday.

For crude prices, oil product cracks and refining margins, please click on the RICs below.
Brent Dubai DME Oman Brent/Dubai EFS PRODUCT CRACKS
Fuel oil crack Gasoil crack Naphtha crack Complex refining margins (Reporting by Muyu Xu; Editing by Shilpi Majumdar)

Asia Europe Americas CRUDE OIL MARKET NEWS
Crude oil tenders in Asia Crude oil supply outages in Asia Refinery outages in Asia Global arbitrage news and flows W.African crude imports to Asia, monthly REFINERY MAINTENANCE DIARIES
Asia Middle East Europe NATIONAL CRUDE IMPORT DATA
Japan China India S.Korea Indonesia CRUDE OIL INVENTORY DATA
Japan US Europe CRUDE OIL PRODUCTION/OILFIELD NEWS
OPEC output survey New Africa fields New projects New Americas fields CRUDE OIL MARKET REPORTS
Middle East Asia-Pacific West Africa North Sea Asia outlook Europe outlook Global futures report Technicals report PRICES
For all Official Selling Prices For a POLL on oil prices NYMEX and ICE oil futures TOCOM crude oil futures Dubai, Oman swaps and spread Middle East physical crude diffs Australia physical crude, Tapis swaps Asia-Pacific physical crude All Asian crude oil differentials All Asian crude oil outright prices ))

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Middle East Crude-Oman, Dubai rise on tighter supply outlook; Kuwait sets May OSP

By Reuters

Reuters

Reuters

Gold has a path to $4,000 as U.S. credibility crumbles - WisdomTree’s Nitesh Shah

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

Whether 145% or 10%, tariff uncertainty is enough to stop U.S. gold and silver imports, distort the metals market at all levels – Experts

Gold price plummets as U.S.-China trade relations thawing

Gold price down a bit amid better risk appetite