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Middles East The week commences with eyes on issuance of official selling prices by various Middle East oil producers. Saudi Aramco issued OSPs for Asian bound crude with a hike of 20-50 cents/b across their various crude grades. OSPs by other producers namely ADNOC, Iraq s SOMO and Qatar Petroleum are awaited. Focus also remains on the decision by the OPEC+ alliance to gradually ease oil production cuts, including Saudi s voluntary cuts. With fresh COVID-19 outbreaks and tepid demand scenarios, the impact of additional oil supplies will be closely watched by the market. Spot trading and tender activity was sluggish in the week ended April 3, as most end-users had completed their procurement requirements early in the trading cycle for May-loading barrels. IOC issued tenders closing April. 1 for sweet and sour crude grades from various regions, however, the outcome of the tenders are awaited.
Asia crude: Key market indicators this week
Asia’s crude oil market continued to surge above $70/b at the start of the week March 8-12, after Saudi Arabia’s energy ministry reported a drone attack by Iranian-backed Houthi rebels from Yemen on the morning of March 7, that hit a petroleum storage tank at the Ras Tanura port.
May ICE Brent crude futures was pegged at $71.17/b at 0300 GMT March 8, $3.50/b higher from the 0830 GMT Asian close on March 5.
MIDDLE EAST CRUDE The week commences with the issuance of official selling prices by Middle East producers. Saudi Aramco issued OSPs for April with a hike for its Light and Medium crude grades bound for Asia, while leaving prices for its Heavy crude unchanged. Other producers are set to announce their respective OSPs soon after Aramco.