Middle East Crude-Benchmarks slide for 4th day despite steady demand outlook

SINGAPORE, May 12 (Reuters) - Middle East crude benchmarks retreated for the fourth straight session on Friday even as the OPEC group maintained its outlook for global demand growth. OPEC's global oil demand forecast for 2023 was held steady for a third month on Thursday, with the producer group citing the potential Chinese growth to be offset by downside economic risks elsewhere, such as the U.S. debt ceiling. World oil demand in 2023 will rise by 2.33 million barrels per day (bpd), or 2.3%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report. This was virtually unchanged from the 2.32 million bpd forecast last month. Weighing on prices, Iraq's oil minister said on Thursday that Iraq asked Turkey to restart northern oil export flows to the Turkish port of Ceyhan starting May 13, indicating more supplies could soon be added to the market. As of Friday, Iraq has not received a reply from Turkey on the request to resume oil flow. For tenders, Vietnam's PV Oil is seeking to sell 300,000 barrels of July-loading medium sweet Chim Sao and 300,000 barrels of Su Tu Den, also for July-loading. The results of the tenders are due next week.
SINGAPORE CASH DEALS Cash Dubai's premium to swaps dipped 16 cents to 90 cents a barrel.
Seller-Buyer Price VITOL-TOTAL 73.45 VITOL-TRAFIGURA 73.45 GLENCORE-PETROCHINA 73.45 EXXONMOBIL-TOTAL 73.45 EXXONMOBIL-TRAFIGURA 73.45 EXXONMOBIL-SHELL 73.45 GLENCORE-PETROCHINA 73.45 VITOL-TRAFIGURA 73.45 EXXONMOBIL-TOTAL 73.45 GLENCORE-PETROCHINA 73.45 EXXONMOBIL-TRAFIGURA 73.45 VITOL-TOTAL 73.45 VITOL-SHELL 73.45 GLENCORE-PETROCHINA 73.48 VITOL-SHELL 73.49 GLENCORE-PETROCHINA 73.48 GLENCORE-SHELL 73.49 UNIPEC-TOTAL 73.49 EXXONMOBIL-SHELL 73.49 EXXONMOBIL-TOTAL 73.49 EXXONMOBIL-SHELL 73.50 RELIANCE-TOTAL 73.53 VITOL-PETROCHINA 73.54 RELIANCE-TOTAL 73.53 BP-TOTAL 73.55 EXXONMOBIL-PETROCHINA 73.55 VITOL-TOTAL 73.53

PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 73.38 76.18 DME OMAN DIFF TO DUBAI 0.75 1.05 CASH DUBAI 73.53 76.19

NEWS U.S. Energy Secretary Jennifer Granholm told lawmakers on Thursday her department could start repurchasing oil for the Strategic Petroleum Reserve (SPR) after completing a congressionally mandated sale next month. Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage area rose by more than 6% in the week to Thursday, data from Dutch consultancy Insights Global showed. Russia's Deputy Energy Minister Pavel Sorokin held a call this month with Western analysts about the country's oil production, trying to convince them that Russia had reduced output as targeted, three sources with knowledge of the call told Reuters on Thursday.

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 Sohini Goswami)

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Middle East Crude-Benchmarks slide for 4th day despite steady demand outlook

By Reuters

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