Middle East Crude-Benchmarks dip as OPEC+ accelerates output hikes

Reuters

05 May

SINGAPORE, May 5 (Reuters) - Middle East crude benchmark spot premiums drifted lower on Monday after OPEC+ decided to further speed up oil output hikes.

Over the weekend, the group of eight countries announced plans to raise output in June by 411,000 barrels per day, a second consecutive boost.

The news confirmed previous market expectations and sent oil prices lower on Monday, also contributing to more sell-offs in benchmarks trade.

Speedy hikes by the OPEC+ are likely in the following months and could bring back to the market as much as 2.2 million barrels per day by November, sources told Reuters.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 7 cents to $0.86 a barrel.

BP will deliver a July-loading Murban crude cargo to PetroChina following the deals.

SELLER-BUYER	PRICE ($/BBL)
BP-MITSUI	59.55
BP-MITSUI	59.55
BP-MITSUI	59.55
GUNVOR-MITSUI	59.54
PTT-MITSUI	59.54
GUNVOR-PETROCHINA	59.54
VITOL-TRAFIGURA	59.50
BP-PETROCHINA	59.54
PTT-MITSUI	59.53
VITOL-PETROCHINA	59.54
BP-PETROCHINA	59.54
VITOL-PETROCHINA	59.54
PTT-MITSUI	59.50
PTT-PETROCHINA	59.54
BP-PETROCHINA	59.54
GUNVOR-TRAFIGURA	59.54
VITOL-MITSUI	59.54
GUNVOR-PETROCHINA	59.54
VITOL-TRAFIGURA	59.54
RELIANCE-PETROCHINA	59.54
VITOL-MITSUI	59.54
VITOL-PETROCHINA	59.55
GUNVOR-PETROCHINA	59.55
VITOL-TRAFIGURA	59.55
VITOL-TRAFIGURA	59.55
GUNVOR-MITSUI	59.55
VITOL-TRAFIGURA	59.55
VITOL-MITSUI	59.55
GUNVOR-TRAFIGURA	59.55
VITOL-PETROCHINA	59.55
BP-MITSUI	59.55
VITOL-TRAFIGURA	59.55
PTT-PETROCHINA	59.55
VITOL-TRAFIGURA	59.55
GUNVOR-PETROCHINA	59.55
BP-MITSUI	59.55
VITOL-TRAFIGURA	59.55
VITOL-TRAFIGURA	59.55
BP-MITSUI	59.55
VITOL-TRAFIGURA	59.55
PHILLIPS 66-PETROCHINA	59.55
VITOL-MITSUI	59.55
BP-TRAFIGURA	59.55
VITOL-PETROCHINA	59.55
RELIANCE-PETROCHINA	59.60
VITOL-TRAFIGURA	59.55
BP-MITSUI	59.55
VITOL-TRAFIGURA	59.55
PTT-MITSUI	59.55
VITOL-TRAFIGURA	59.55
BP-PETROCHINA	59.55
BP-MITSUI	59.55
RELIANCE-MITSUI	59.60
VITOL-TRAFIGURA	59.55
PHILLIPS 66-PETROCHINA	59.55
BP-PETROCHINA	59.55

PRICES ($/BBL)

	CURRENT	PREV SESSION
GME OMAN	59.62	62.10
GME OMAN DIFF TO DUBAI	0.88	1.01
CASH DUBAI	59.60	62.02

REFINERY

Canadian oil company Imperial Oil IMO.TO posted its highest-ever first-quarter earnings on Friday, driven primarily by stronger margins in its refining and fuel sales business.

NEWS

Shell Plc SHEL.L is working with advisers to evaluate a potential acquisition of rival BP Plc BP.L, though it is waiting for further stock and oil price declines before deciding whether to pursue a bid, Bloomberg News reported on Saturday citing people familiar with the matter.

Big Oil's first-quarter earnings have shown a clear split in how companies are positioned to weather the downturn sparked by a slump in oil prices to a four-year low in April.

Goldman Sachs reduced its oil price forecast following decisions by the Organization of the Petroleum Exporting Countries and its allies, OPEC+, to accelerate oil output increases, the bank said in a note dated Sunday.

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

(Reporting by Siyi Liu in Singapore; Editing by Eileen Soreng)

((siyi.liu@thomsonreuters.com;))

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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Middle East Crude-Benchmarks dip as OPEC+ accelerates output hikes

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