Middle East crude benchmark spot premiums for Oman, Dubai and Murban edged lower on Tuesday as rising supply and a gloomy demand outlook weighed on the market.
All benchmarks fell sharply earlier this month following OPEC+’s decision to boost its supply from April.
SINGAPORE CASH DEALS
Cash Dubai’s premium to swaps fell 11 cents to $1.24 a barrel.
PetroChina will deliver two May-loading Upper Zakum crude cargoes to Vitol following the deals.
NEWS
Indonesia will build oil refineries on several of its islands, including Kalimantan and Sulawesi, with a total capacity of 1 million barrels per day, upgrading from a planned single refinery with a 500,000 bpd-capacity, the energy minister said.
Fatih Birol, the director of the Paris-based International Energy Agency, said on Monday there is a need for investment in oil and gas fields to support global energy security.
U.S. Energy Secretary Chris Wright said on Monday he was planning to work with Congress on cancelling previously mandated sales from the Strategic Petroleum Reserve as one way to address low stockpiles.
Policymakers and energy executives need to rethink energy transition plans and stop doubling down on elements of the transition that have failed, the CEO of state oil giant Saudi Aramco 2222 said on Monday, stressing the need for investment in fossil fuels to meet global demand.
Source: Reuters
