Middle East crude benchmark spot premiums of Oman, Dubai and Murban rose for a second session on Thursday, hitting a more than one-month high as Russia tightened restrictions on Black Sea oil export ports.
Russia, the world’s second-largest oil exporter, on Wednesday imposed restrictions on another major oil export route, suspending a mooring at the Black Sea port of Novorossiisk only a day after restricting loadings from a key Caspian pipeline. Novorossiisk
The increases were despite a 4% slump in oil prices on Thursday after U.S. President Donald Trump announced sweeping new tariffs overnight, which investors worry will enflame a global trade war that will curtail economic growth and limit fuel demand.
Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world’s biggest oil consumer, with much higher duties on products from dozens of countries.
Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps rose 48 cents to $2.65 a barrel, the highest since February 28.
PetroChina will deliver a June-loading Upper Zakum crude cargo to Gunvor following the deals.
NEWS
A meeting of eight top ministers of OPEC+ will likely keep oil output policy that calls for gradual oil output hikes from April unchanged, two OPEC+ sources said on Thursday.
U.S. Treasury Secretary Scott Bessent on Wednesday met in Washington with 16 global banks and federal law enforcement agencies on U.S. sanctions policy on Iran including efforts to cut its oil exports.
A meeting of eight OPEC+ countries on Thursday will focus on how to convince Kazakhstan to stop exceeding its output quota and its plans to compensate for overproduction, as the group steps up gradual production hikes, two delegates told Reuters.
The insurance issued to dozens of ageing oil tankers used by Russia to skirt international sanctions was bogus, according to Norwegian authorities now investigating the small firm behind the forged documents.
Source: Reuters
