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Asia-Pacific Crude-Malaysia’s Kimanis supply to increase in July

The Asia-Pacific crude market remained steady with more cargoes of Malaysia’s Kimanis crude expected to enter the market in July, trade sources said.

MALAYSIA

Malaysia will export 12 cargoes of Kimanis crude in July, up 2 cargoes from the previous month, trade sources said.

Petronas will export four cargoes, similar to the previous month, they said.

The allocation to other equity holders was not immediately available.

RUSSIA

India’s ONGC and ExxonMobil have offered 700,000 barrels each of Sokol crude for loading in July through separate tenders.

June-loading Sokol cargoes were sold at a more than two-year high of $5.70 to $5.80 a barrel above Dubai quotes.

BRENT-DUBAI EFS

Brent’s premium to Dubai swaps was at $4.07 per barrel, down 27 cents from the previous session.

NEWS

Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday.

A senior official at Iran’s state-owned oil supplier met Chinese buyers this week to ask them to maintain imports after US sanctions kick in, three people familiar with the matter said, but failed to secure guarantees from the world’s biggest consumer of Iranian oil.

The volume of US crude oil arriving in Asia is expected to hit a new high in July as Asian refiners sought arbitrage supplies to replace Middle Eastern crude after prices for Gulf grades rose, traders said on Wednesday.

US crude arriving in Asia hit an all-time high of close to 25 million barrels in May with cargoes discharging in China, South Korea, Singapore, India and Malaysia, according to trade flows data on Eikon.

State oil firm NNPC has awarded 50 companies with contracts to buy Nigerian crude and more than half of them are local firms, foreign and Nigerian trading sources said.

Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms – and often at a loss, according to internal company documents reviewed by Reuters.

Mexican state-run oil company Pemex expects to begin testing light crudes as soon as July for possible import, looking to boost margins at its domestic refineries, its chief executive said on Tuesday.
Source: Reuters

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