SINGAPORE: The Middle East crude benchmarks held steady on Monday as more refiners such as Petron and PTT seek to buy spot cargoes in tenders that will close later this week.
Traders are also awaiting Russian tenders for price direction. Gazprom might have sold its ESPO cargo loading on May 3-13 at $3.50 a barrel above Dubai quotes, a slightly higher premium than the $3.20-$3.40 a barrel seen in a Surgut tender last week.
UAE: Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with France's Total, awarding the company a 20 percent stake in the Umm Shaif and Nasr concession and a 5 percent interest in the Lower Zakum concession.
IRAQ: The head of Iraq's state-oil marketer SOMO said on Sunday that Iraq will seek to corner a greater share of Asian markets through a new joint venture strategy.
In one of several deals announced on Sunday, Alaa al-Yasiri announced a profit-sharing deal with China's state-run Zhenhua Oil to help market Iraqi crude to Chinese refineries.
"The deal we signed with Zhenhua is only a starting point that will pave the way for more deals and joint ventures with other Asian companies from Japan, India, China and Korea," Yasiri said.
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