The al-Shaheen cargoes may be sold at about $2.30-$2.40 a barrel above Dubai quotes, traders said. That compares to about $2 a barrel in the previous month. "The al-Shaheen cargoes are sold very expensive, probably due to the high official selling prices from the oil producers and strong demand," said a Singapore-based trader. Another market source said that the reasonable al-Shaheen prices would have been at about $2.25 a barrel over the Dubai quotes, given the current market structure. The Qatar Energy tender is valid until Thursday and the results will gradually emerge.
CHINA China's crude oil imports in March surged 22.5% from a year earlier to the highest since June 2020, data showed on Thursday, as refiners stepped up runs to capture fuel export demand and in anticipation of a domestic economic recovery. Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs. This compares with 10.1 million bpd of crude imported in March last year. OSP Iraq's Oil Marketing Company (SOMO) kept its official selling price (OSP) for Basra Medium crude to Asia unchanged in May at minus $0.15 a barrel to the average of Oman/Dubai quotes, a price document reviewed by Reuters on Thursday showed. The producer set the May Basra Heavy crude OSP to Asia at minus $3.40 a barrel to the Oman/Dubai quotes, 50 cents higher from the previous month. SINGAPORE CASH DEALS
Cash Dubai's premium to swaps rose 16 cents to $2.24 a barrel. PetroChina will deliver one June-loading Oman cargo to Vitol following the trade. Seller-Buyer Price PETROCHINA-VITOL 87.25 EXXONMOBIL-VITOL 87.25 PETROCHINA-VITOL 87.25 PETROCHINA-VITOL 87.25 EXXONMOBIL-VITOL 87.25 EXXONMOBIL-VITOL 87.25 PETROCHINA-VITOL 87.25 PETROCHINA-VITOL 87.25 PETROCHINA-VITOL 87.30 EXXONMOBIL-VITOL 87.30 PETROCHINA-VITOL 87.30 PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 87.28 85.55 DME OMAN DIFF TO DUBAI 2.22 2.13 CASH DUBAI 87.30 85.50
NEWS The Caspian Pipeline Consortium (CPC), which handles 1% of global oil flows, has stopped oil loadings through its single mooring points (SPM) since April 10 because of a planned shutdown, it said on Wednesday. The Dubai Mercantile Exchange (DME) logged an 18% increase in physical deliveries of Omani crude oil in the first quarter of 2023 from a year earlier, the bourse said on Thursday, citing resurgent demand in Asia. Russia boosted gasoline exports by nearly 50% year-on-year in the first quarter, shipping cargoes directly to Africa as it carved out new trade routes after the European Union sanctioned Russian oil, ship tracking data showed. The global oil market could see tightness in the second half of 2023, which would push oil prices higher, Fatih Birol, executive director of the International Energy Agency, said on Wednesday.
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