SINGAPORE: Middle East crude benchmark Dubai's premium to swaps rose on Tuesday following increased trade activity on window, while ADNOC raised prices for all grades in May.
UAE: ADNOC raised the May retroactive official selling price (OSP) for its benchmark Murban crude to $78.25 per barrel.
That puts the May Murban official selling price (OSP) at $3.84 per barrel above the average of Dubai quotes for the month, the highest premium since March 2014, Reuters data showed.
ADNOC has also increased the May premiums to Dubai quotes for Das and Upper Zakum crude OSPs by 26 cents and 31 cents a barrel, respectively.
The price increase for Das was higher than expected as the grade traded at similar levels to Murban last month, two traders who handle ADNOC grades said.
Upper Zakum's OSP premium to Dubai quotes for May is now at $1.09 a barrel, the strongest premium since February 2014, Reuters data showed.
IRAN: Iran has awarded its first cargo of West Karoun oil to Spain's Repsol, two sources familiar with the matter said on Monday, indicating that Tehran is keen to boost its oil exports despite the looming threat of sanctions.
Repsol has agreed to take 500,000 barrels of Pars crude on a spot basis, one of the sources said.
The Spanish firm will be co-loading the cargo with Iranian heavy grade, this source said, adding Repsol is scheduled to lift the cargo later this week or early next week.
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