Middle East crude benchmarks fell on Monday, with spot premium of Dubai sliding to the lowest in over seven weeks amid expectations of OPEC+ raising supply.
Sell-offs in Dubai prices started late last week, amid signs suggesting another possible output hike in June, and as Kazakhstan says it will prioritise national interests over those of the OPEC+ group when deciding on oil production levels.
Some members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, are expected to suggest that the group accelerate oil output hikes for a second consecutive month when they meet on May 5.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 29 cents to $1.14 a barrel, the lowest since March 6.
REFINERY
South Korea’s S-Oil 010950, majority owned by Saudi Aramco 2223, posted losses in the first quarter from its refining and petrochemical units and expects second-quarter margins to be impacted by U.S. tariff negotiations and market volatility.
NEWS
The world’s biggest oil exporter Saudi Arabia may slightly increase its crude prices for Asian buyers in June for the first time in three months, tracking gains in benchmark prices this month, refiners said on Monday.
Kuwait Petroleum subsidiary’s acquisition of a 25% stake in China Wanhua Chemical’s petrochemical business is valued at $638 million, Wanhua Chemical said on Monday.
Abu Dhabi’s flag energy firm Abu Dhabi National Oil Company (ADNOC) plans to issue 10-year dollar-denominated Islamic bonds, or sukuk, according to a document seen by Reuters on Monday.
Shares of India’s Reliance Industries RELIANCE1! jumped 4% on Monday as investors cheered strength in its telecom and retail businesses after a quarterly profit beat, prompting analysts to upgrade the stock after months of underperformance.
Source: Reuters
