SINGAPORE: The Asia-Pacific crude market came under pressure on Wednesday on an expected rise in supply of a new grade from Malaysia.
Five cargoes of Kimanis crude could be available in February, up from three in the previous month, a trader said.
Petroleum Brunei closed a tender on Wednesday to sell a cargo loading in Feb. 1-10.
Output from the Gumusut-Kakap field was ramped up in the second half of this year and had been expected to reach 90,000 barrels per day next year.
A fall in refining margins for key oil products may also curb demand for regional grades loading in February, traders said.
Last month, most January-loading grades fetched higher premiums than the previous month on robust demand for short-haul crude as sharp falls in crude prices boosted margins.
Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, widened 13 cents to $2.25 a barrel for January.
TENDERS
PV Oil offered 200,000-500,000 barrels of Su Tu Den for loading on Feb. 1-15 in a tender which will close on Dec. 16 and bids are to remain valid until a day later.
PV Oil also offered two Ruby cargoes for February. A 350,000-barrel cargo will load Feb. 6-15, while a 300,000-barrel cargo will load Feb. 22-28. The tender closes on Dec. 17 with a two-day validity.
MARKET NEWS
Indonesia's state energy firm Pertamina signed on Wednesday preliminary agreements with global energy firms to upgrade five oil refineries in a new push by the former OPEC member to modernise its creaking energy infrastructure.
Spending in Indonesia on oil and gas exploration and production could fall by 20 percent in 2015 as a slide in global prices makes some projects no longer viable, its top industry association said.
Oil production in Cameroon rose 15 percent year-on-year to 22.69 million barrels by the end of October, according to the state oil firm, but output may double within the next two years as new fields come on line.
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