ONGC sells July-loading Russian Sokol crude at small premium -sources

Indian oil explorer ONGC has sold one Russian Sokol crude cargo SOK-DUB loading July 18-24 at a small spot premium of less than 20 cents a barrel to Dubai quotes to a Korean buyer, likely GS Caltex, trade sources said.

Asia’s spot market for Russian and Middle East grades is rebounding thanks to record production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Last week, ONGC sold one Russian Sokol crude cargo loading July 7-13 at a spot discount of around $1.95 a barrel to Dubai quotes to a trader.
Source: Reuters (Reporting By Shu Zhang)