Middle East crude oil indicators in Oman and Dubai were higher on Wednesday, while traders awaited the release of fresh official selling prices (OSP) from major producers.
The IOC of India will close two more spot tenders on Thursday.
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According to the pricing document, Indonesia set the Official Indonesian Crude Oil Price (ICP) for Minas oil at $ 64.06 a barrel for March, up $ 2.64 from the previous month.
ESPO Blend’s expected crude oil exports from the port of Kozmino in the Far East were raised 0.1 million tons to 2.92 million tons in April after oil company Rosneft added cargo to its loading plan, two traders said Wednesday.
U.S. crude oil production is expected to drop 270,000 barrels per day (barrels per day) in 2021 to 11.04 million barrels per day, the United States Energy Information Administration (EIA) said on Tuesday that the decline is sharper than its previous forecast for 160,000 barrels per day.
Royal Dutch Shell expects its fuel sales to fall or, at best, be broadly stable in the first quarter, the world’s largest fuel retailer said Wednesday, indicating that the recovery in fuel demand remains slow amid coronavirus-related restrictions. …
Global energy trader Vitol’s revenue fell $ 85 billion last year, but its profits surged as trading operations offset the impact of the COVID-19 pandemic on oil demand and prices.
According to internal documents and data from Refinitiv Eikon, Venezuela, under US sanctions, was able to ship more oil in March directly to China, its main export destination, even as overall shipments fell slightly last month.
According to the country’s energy ministry, in March, Kazakhstan produced 1.475 million barrels of oil per day, which exceeds the 1.437 million barrels per day quota agreed within the global pact of OPEC and non-OPEC producers.
Source: Reuters (report by Shu Zhang; editing by Aditya Soni)