MENA Crude Weakens Following Omani Prompt Oil Offer

MENA Crude Weakens Following Omani Prompt Oil Offer

The Middle East crude market weakened for a second session as prompt oil sales by Oman weighed on the market. This comes as Oman offered crude oil for prompt loading in June and July in tender that closed on 23rd of May, reported Times of India.

The offers came as refiners in Asia have mostly completed their July-loading crude purchases this month and caused DME Oman’s discount to Dubai swaps to widen by $0.11 on the 23rd of May to $0.35 a barrel, informed Hellenic Shipping News.

Additionally, Iraq’s SOMO will sell a second Basra Light crude cargo on DME on May 31. The 2m barrels cargo will load in July, and bids will have to be at least $0.01 a barrel against the grade’s July OSP. Iraqi Basra crude supplies loading in June fetch stronger premiums than May, supported by strong demand in the United States and Asia, trade sources said.

Sarah Samir 2901 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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