Middle East Crude-Benchmarks climb; Saudi March crude supply to China seen at multi-year highs

- Middle East crude benchmarks Oman, Dubai and Murban rose on Thursday, with supports from tensions around U.S.-Iran talks and better India demand.

Saudi Arabia's crude oil exports to China are set to touch a multi-year high in March after the kingdom cut its official selling prices to Asia for a fourth month and attracted more demand, several trade sources said.

State oil company Saudi Aramco 2222.SE will ship at least 58 million barrels to China in March, or about 1.87 million barrels per day (bpd), a tally of allocations to Chinese refiners from trade sources showed.

The allocation volume marks a jump from the previous two months, when it stayed under 50 million barrels, and is the highest since October 2022, Reuters records show.

Companies that planned to increase Saudi crude liftings next month included PetroChina 601857.SS, Rongsheng Petrochemical 002493.SZ and Sinochem, the tally showed.

SPOT DEALS

India's Mangalore Refinery and Petrochemicals Ltd MRPL.NS bought 2 million barrels of Murban crude via a tender, traders said on Thursday.

The state-run refiner awarded the tender to Totsa, they said.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 10 cents to 89 cents a barrel.

Shell will deliver an April-loading Upper Zakum crude cargo to Mercuria following the deals.

SELLER-BUYER

PRICE ($/BBL)

SHENGHONG-TOTAL

68.68

TRAFIGURA-TOTAL

68.67

SHELL-MERCURIA

68.65

RELIANCE-TOTAL

68.67

TRAFIGURA-TOTAL

68.67

PHILLIPS-TOTAL

68.68

SHELL-TOTAL

68.65

SHELL-TOTAL

68.67

TRAFIGURA-TOTAL

68.67

PHILLIPS-TOTAL

68.68

EXXONMOBIL-TOTAL

68.67

SHELL-TOTAL

68.67

PHILLIPS-TOTAL

68.68

EXXONMOBIL-TOTAL

68.67

SHENGHONG-TOTAL

68.69

SHELL-TOTAL

68.67

SHELL-TOTAL

68.69

SHELL-TOTAL

68.67

EXXONMOBIL-TOTAL

68.69

RELIANCE-MERCURIA

68.69

TRAFIGURA-TOTAL

68.69

SHELL-MERCURIA

68.69

EXXONMOBIL-TOTAL

68.69

TRAFIGURA-MERCURIA

68.69

SHELL-TOTAL

68.69

RELIANCE-TOTAL

68.69

EXXONMOBIL-TOTAL

68.69

SHELL-TOTAL

68.69

TRAFIGURA-MERCURIA

68.69

PETROCHINA-TOTAL

68.69

EXXONMOBIL-TOTAL

68.69

TRAFIGURA-HENGLI

68.67

PRICES ($/BBL)

CURRENT

PREV SESSION

GME OMAN

68.67

68.56

GME OMAN DIFF TO DUBAI

0.87

0.75

CASH DUBAI

68.69

68.60

NEWS

U.S. Secretary of Energy Chris Wright pushed on Wednesday for expanded U.S. investments in Venezuela as part of the highest-level U.S. visit focused on energy policy in nearly three decades, while warning about the legitimacy of Chinese businesses in the OPEC country.

Russia is preparing to dispatch crude oil and fuel cargoes to Cuba in the near future, Izvestia newspaper said on Thursday, citing the Russian embassy in Cuba.

World oil demand will rise more slowly than expected this year, the International Energy Agency said on Thursday, while projecting that the global market continues to face a sizeable surplus despite outages that cut supply in January.

Norwegian oil and gas investments are expected to decline this year and next as many field developments are completed while fewer new projects begin, a quarterly survey of the industry showed on Thursday.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

GME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M

PRODUCT CRACKS

Fuel oil crack

FO180SGCKMc1

Gasoil crack

GO10SGCKMc1

Naphtha crack

NAF-SIN-CRK

Gasoline crack

GL92-SIN-CRK

Complex refining margins

REF/MARGIN1