Middle East Gross-ADNOC Reduces October Futures Offer; Aramco may remove October OSPs

SINGAPORE: Middle Eastern crude benchmarks DME Oman and cash Dubai rose on Monday, following global oil futures, as ADNOC announced a 30% cut in crude oil futures supplies. October and that Koch captured 1 million barrels of Middle Eastern crude during transactions in Asia.

Saudi Arabia, the leading oil exporter, is expected to cut official crude oil (OSP) selling prices to Asian buyers for second consecutive month, following lower Middle East benchmarks and low refining margins industry sources said Monday.

On average, seven Asian refinery sources expected the October OSP for flagship Arab Light crude to drop by $ 1 a barrel, making it the biggest monthly drop since May, although forecasts vary. from 50 cents to $ 1.80 a barrel, according to a Reuters survey found.

Abu Dhabi’s National Oil Company (ADNOC) on Monday announced a 30% cut in crude term supplies in October, in order to comply with the UAE’s commitment to an OPEC + pact, surprising buyers who expected ADNOC to continue with the smaller good. cuts from previous months.

The 30 percent supply reduction will apply to all four grades of ADNOC crude, namely Murban, Umm Lulu, Das and Upper Zakum. Oman’s Oman crude OSP in October will rise 70 cents to $ 44.32 per barrel, according to Reuters calculations based on data from the Dubai Mercantile Exchange (DME) on Monday.

Loadings of ESPO Blend crude oil from the Russian Pacific port of Kozmino are set at 2.64 million tonnes for October, compared to 2.6 million tonnes slated for loading in September, according to a schedule seen by Reuters.

Japan’s largest oil refiner, Eneos Holdings Inc, to accelerate transformation into a supplier of low-carbon energy and materials as domestic demand for oil drops more than expected due to the Covid-19 pandemic said new president Katsuyuki Ota.

China Petroleum & Chemical Corp expects China’s refined fuel consumption to return to positive growth in the second half of this year and has announced that it will step up its domestic natural gas drilling. Goldman Sachs expects Brent prices to rebound in 2021, supported by a tighter oil market and as the economic recovery from the coronavirus-induced crisis accelerates, aided by a possible vaccine.

U.S. crude oil production in the Gulf of Mexico remained down 70%, or 1.29 million barrels per day, according to data released by the Home Office on Sunday, as companies continued return crews to the offshore facilities that were evacuated before Hurricane Laura.

Russia’s pipeline monopoly Transneft said on Monday that crude oil exports via the Druzhba pipeline to Europe would fall 7.7% in September from 3.6 million tonnes (26.4 million barrels) in August, the Interfax news agency reported.

Oil tanker Episkopi was loading around 600,000 barrels of crude at the Libyan port of Brega on Monday in the first shipment of crude since an agreement to export stored goods to ease an electrical crisis, an engineer and shipping source said.

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