Middle East crude benchmarks Oman, Dubai and Murban shaded weaker on Friday as major oil producers strive to bring more supply to the market to offset the embargos on Russian cargos, while policymakers around the globe mull tapering inflation.
Qatar Energy has sold four May-loading crude cargoes via tenders at record premiums after buyers avoided Russian oil amid fears of Western sanctions following Moscow's invasion of Ukraine.
Spot premiums for al-Shaheen crude nearly tripled from the previous month after the producer sold two al-Shaheen crude cargoes to Unipec and PetroChina at about $12 a barrel above Dubai quotes, they said. The cargoes will load on May 2-3 and 29-30.
Exports of Malaysia's flagship Kimanis crude oil are set to fall to six cargoes in May, down two from April, due to maintenance at oilfields offshore Sabah, a preliminary loading schedule showed on Friday. read more
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