Middle East Crude-Benchmarks slide to six-week low

Reuters
02-24
Middle East Crude-Benchmarks slide to six-week low

SINGAPORE, Feb 24 (Reuters) - Middle East crude benchmarks Oman, Dubai and Murban fell on Monday as the prospect of a resumption in crude exports from northern Iraq weighed on the oil market outlook.

Oil exports from Iraq's Kurdistan region will resume in a week, the Iraqi oil minister said on Monday.

Meanwhile, all eyes remain on efforts to end Russia's war on Ukraine. Officials said on Sunday that European Union leaders will meet for an extraordinary summit on March 6 to discuss additional support for Ukraine and European security guarantees.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 23 cents to $2.94 a barrel, the lowest since January 10.

SELLER-BUYER

PRICE ($/BBL)

CHEVRON-PETROCHINA

77.00

CHEVRON-PETROCHINA

77.00

CHEVRON-VITOL

77.00

CHEVRON-PETROCHINA

77.00

CHEVRON-VITOL

77.00

CHEVRON-PETROCHINA

77.00

RELIANCE-PETROCHINA

77.00

RELIANCE-VITOL

77.00

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

76.59

78.56

GME OMAN DIFF TO DUBAI

2.53

2.89

CASH DUBAI

77

78.84

NEWS

Iraq will export 185,000 barrels per day from Kurdistan's oilfields through the Iraq-Turkey pipeline once the oil shipments resume, an Iraqi oil ministry official said on Sunday.

India's crude oil imports rose 3.2% month-on-month to 20.85 million metric tons in January, the highest since May 2024, government data showed on Monday.

Black Sea CPC Blend oil exports were revised up to 1.67 million barrels per day (bpd) in February's programme from 1.42 million bpd in a previous version due to higher supply from Kazakh oilfields, two sources familiar with the loading plan said.

Transpetro, the logistics subsidiary of Brazil's Petrobras PETR4.SA is set to launch a tender for four new tanker vessels around the middle of 2025 and hopes to include nine others in the state-run oil firm's strategic plan for the 2026-2030 period, Transpetro chief Sergio Bacci told Reuters.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

GME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GO10SGCKMc1

Naphtha crack

NAF-SIN-CRK

Gasoline crack

GL92-SIN-CRK

Complex refining margins

REF/MARGIN1

(Reporting by Siyi Liu in Singapore; Editing by Tasim Zahid)

((siyi.liu@thomsonreuters.com;))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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