Markets

Middle East Crude-Dubai slips; ADNOC to maintain supply cuts in Feb

  • Upper Zakum crude supplies will be reduced by 18% in February, they said.
Published December 24, 2020

SINGAPORE: Middle East crude benchmark Dubai slipped for a seventh straight session in thin trade on Thursday, as refiners had already completed their purchases ahead of holidays.

Abu Dhabi National Oil Company (ADNOC) has kept crude supply reductions to term customers in Asia largely steady in February versus January, three sources with knowledge of the matter said.

ADNOC has notified its customers that their February term supplies for Murban and Das crude will be reduced by 18% to 20% while Umm Lulu's supplies will be cut by 5%, the sources said.

Upper Zakum crude supplies will be reduced by 18% in February, they said.

India's MRPL has bought 1 million barrels of Akpo crude via a tender for January-February delivery, trade sources said, adding to its purchase of 2 million barrels for February arrival earlier this month.

Taiwanese refiner CPC has bought 4 million barrels of WTI Midland and 1 million barrels of an unknown grade for March arrival via its monthly tender, traders said. It paid premiums of below $2 a barrel to dated Brent on a cost and freight (C&F) basis for the US cargoes, they said.

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