Iraq is heard maintaining an overall steady supply to Asian term-contract buyers in June, although some traders said the supply of Basra Heavy could be slightly lower comparing to previous months. June-loading Basra Heavy is traded at $0.8 to $1 a barrel over the OSP level. In tenders, Qatar Energy has issued tenders to sell five al-Shaheen crude for July loading. It also sought to sell up to two cargoes each of Qatar Marine and Qatar Land crude. The tenders will close on May 16 and is valid until May 17. For Asian sweet oil, Malaysia's Kimanis crude oil exports in July will fall by one cargo from the previous month to a total of five cargoes, industry sources said on Monday.
OPEC+ Iraq does not expect OPEC+ to make further cuts to oil output at its next meeting in June, its oil minister Hayan Abdel-Ghani said, in the first indication from an OPEC minister about a potential decision as oil prices slide.
SINGAPORE CASH DEALS
Cash Dubai's premium to swaps gained 7 cents to 97 cents a
barrel.
Seller-Buyer Price
Vitol-PetroChina 73.25
Mitsui-Total 73.25
Vitol-PetroChina 73.25
Vitol-Total 73.25
Koch-PetroChina 73.25
Equinor-Total 73.25
Glencore-Total 73.25
BP-Total 73.25
Exxonmobil-PetroChina 73.25
Exxonmobil-Total 73.25
Glencore-Total 73.29
BP-Total 73.30
Glencore-Total 73.29
Vitol-Total 73.30
Exxonmobil-Total 73.30
Unipec-PetroChina 73.30
Koch-Total 73.29
Exxonmobil-PetroChina 73.28
Exxonmobil-Total 73.29
Glencore-Total 73.34
BP-Total 73.35
Mitsui-Shell 73.29
Gunvor-Total 73.29
Glencore-Total 73.34
Vitol-Total 73.34
PRICES ($/BBL) CURRENT PREV SESSION DME OMAN 73.21 73.38 DME OMAN DIFF TO DUBAI 0.84 0.75 CASH DUBAI 73.34 73.53 ASIAN REFINERIES Kuwait's newest refinery Al Zour has issued its first tender for fuel oil sales following a near eight-week hiatus, trade sources said on Monday, after a partial shutdown halted spot sales at the complex.
NEWS Leaders of the Group of Seven (G7) nations plan to tighten sanctions on Russia at their summit in Japan this week, with steps aimed at energy and exports aiding Moscow's war effort, said officials with direct knowledge of the discussions. Sour crude oil supplies for U.S. Gulf Coast oil refiners will be squeezed in coming weeks, market participants said, as global demand rises following this month's OPEC+ production cut. Russia's seaborne oil product exports fell in April by 5% month-on-month on a daily basis, data from industry sources and Reuters calculations showed.
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 Rashmi Aich)
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