SINGAPORE: The Asia-Pacific crude market slipped on Tuesday as refinery maintenance in the region is expected to reduce spot demand from refiners, trade sources said.
PAPAU NEW GUINEA
Oil Search sold its April 6 to 12 Kutubu cargo to Trafigura at a premium of about $1.20 a barrel to dated Brent, traders said, though this could not be immediately confirmed.
This is down about 30 cents from a March-loading cargo that the company sold earlier, they said.
Oil Search has one more cargo for loading later in April that is not yet sold, they added.
MALAYSIA
Malaysia’s Petronas offered several spot cargoes for loading in April through tenders, traders said.
The company offered 300,000 barrels of Bertam crude for loading between April 25 and April 29 in a tender that closes on
Feb. 21, they said.
It also offered 300,000 barrels of Bunga Kekwa crude for loading between April 6 and April 12 in a tender that also closes on Feb. 21, they added.
Petronas has also re-issued a Sepat crude tender for March, traders said.
The company has offered 135,000 barrels of Sepat crude for loading over March 24 to 26 in a tender that closes on Feb. 22. It had earlier offered 60,000 barrels of the grade for loading between March 10 and March 12, but likely decided to re-issue with a bigger-sized cargo, traders said.
NEWS
OPEC and non-OPEC oil producers including Russia will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the United Arab Emirates’ energy minister told Reuters.
Libya’s National Oil Corporation (NOC) is suffering ongoing delays in receiving budget money from the government and this could reduce production, the head of the state company said on Monday.
Brazil expects to raise 1 billion reais ($309 million) this year through the sale of 5 million barrels of oil and gas from the country’s offshore pre-salt layer, oil and gas secretary Marcio Felix told Reuters.
Source: Brecorder.com
