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Middle East Crude-Benchmarks steady as traders await OSPs

Middle East crude benchmarks Oman and Dubai edged up on Wednesday while traders awaited the release of fresh official selling prices (OSPs) from major producers.

India’s IOC will close another two spot tenders on Thursday.


Indonesia has set the official Indonesia Crude Price (ICP) for Minas crude oil at $64.06 a barrel for March, up $2.64 from the previous month, a pricing document showed.


Russia’s expected ESPO Blend crude oil exports from the Far East Kozmino port were revised up by 0.1 million tonnes to 2.92 million tonnes in April after oil company Rosneft added a cargo to its loading plan, two traders said on Wednesday.

U.S. crude oil production is expected to fall by 270,000 barrels per day (bpd) in 2021 to 11.04 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a steeper decline than its previous forecast for a drop of 160,000 bpd.

Royal Dutch Shell expects its fuel sales to fall or at best be broadly steady for the first quarter, the world’s biggest fuel retailer said on Wednesday, indicating fuel demand recovery has remained slow amid coronavirus restrictions.

Global energy trader Vitol suffered an $85 billion fall in revenue last year, but its profits were boosted as trading plays offset the impact of the COVID-19 pandemic on oil demand and prices.

U.S.-sanctioned Venezuela managed to ship more crude in March directly to China, its main export destination, even as overall shipments dipped modestly last month, according to internal documents and Refinitiv Eikon data.

Kazakhstan produced 1.475 million barrels per day of oil in March, the Central Asian nation’s energy ministry said, which was above its quota of 1.437 million bpd agreed under the global pact of OPEC and non-OPEC producers.
Source: Reuters (Reporting By Shu Zhang; Editing by Aditya Soni)

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