Middle East Crude-Benchmarks mixed; Sokol’s spot premium holds firm

Middle East

Middle East crude benchmarks, Oman and Dubai, were mixed on Thursday ahead of the release of official selling prices from some producers.

Qatar Petroleum has offered September-loading Low Sulphur Condensate in a monthly spot tender closing on July 14.

Indian oil explorer ONGC sold a Russian Sokol crude cargo, loading on Sept. 8-14, at a spot premium of around $3.10-$3.20 per barrel to Dubai quotes to a South Korean buyer via its first spot tender this month, traders said.

REFINERY

China has granted Zhejiang Petroleum & Chemical Co (ZPC) a licence to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.

Sinopec’s Tianjin refinery has resumed operations after a two-month overhaul, the refinery said in a statement late on Wednesday.

NEWS

China has issued more non-state crude oil import quotas to refiners, for a total of 26.84 million tonnes (195.93 million barrels) in its third batch for 2020, three sources familiar with the matter told Reuters on Thursday.

U.S. crude oil stockpiles grew last week and inventories on the Gulf Coast hit a record high as imports from Mexico rose to an eight-year high, the Energy Information Administration said on Wednesday.
Source: Reuters (Reporting by Shu Zhang; editing by Uttaresh.V)

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