SINGAPORE: The Middle East crude benchmarks edged up on Monday, with Dubai recovering to levels seen a week ago after Total and Shell bought six partials on Platts window.
DME: Iraq's Oil Marketing Company (SOMO) has informed its long-term oil buyers that it plans to sell 2 million barrels of Basra Light crude for June loading through an auction on the DME this Friday, trade sources said.
The cargo has a fixed destination for Asia and only bids at a premium to Iraq's Basra Light June official selling price (OSP) will be considered, the sources said.
The move could be a test for future Iraqi oil sales, potentially using DME as a platform for price discovery, the sources said.
TENDERS: Indian Oil Corp (IOC) issued a third tender seeking sour crude for June-loading as it steps up purchases in a well-supplied market, trade sources said.
IOC has bought 4 million barrels of Russian Urals, including 1 million barrels from Trafigura; and 2 million barrels of Upper Zakum from Total and ExxonMobil in its previous two tenders.
Taiwanese refiner Formosa Petrochemical has bought at least 1.5 million barrels of Oman crude for loading in June at discounts wider than 30 cents a barrel to Dubai quotes via a tender, trade sources said.
The refiner could still purchase more June-loading crude amid ample supplies in market and depressed prices.
Russian Sokol premiums held steady as ExxonMobil sold one of two cargoes via a tender at $2.20-$2.30 a barrel above Dubai quotes.
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