RTRS:Middle East Crude-Spot demand concerns offset OSP cuts
SINGAPORE, Aug 8 (Reuters) - Concerns of weaker spot demand
from South Korea offset the bullish sentiment in the Middle East
market that followed a cut in official selling prices, traders
said on Wednesday.
Qatar joined Saudi Arabia and Abu Dhabi National Oil Co
(ADNOC) in lowering premiums of its OSP to the Dubai average for
July, in an attempt to boost demand after last month's slump.
South Korean refiners plan to resume buying crude from Iran
in September after a two month hiatus due to a European Union
embargo that made shipping the oil difficult, government and
refining sources said on Wednesday.
OSP:
Qatar raised its July retroactive official selling price
(OSP) for Qatar Marine crude by $4.15 to $99.75 a barrel and for
Qatar Land by $4.40 to $100.55, a trader said on Wednesday.
Qatar Marine OSP's premium over the July Dubai quotes
average fell to $0.60 per barrel from $1.16 premium in June,
while Qatar Land OSP premium fell to $1.40 a barrel from $1.71.
*MARKET NEWS
- Supply of crude that underpins the Brent contract will
fall to a record low in September, supporting prices and raising
further doubts about the use of dwindling North Sea oil as the
main global oil benchmark.
South Sudan hopes to resume oil production in September
after reaching an interim agreement with Sudan on oil export
fees, but it may take a year to return to full capacity, its top
negotiator said.
China's oil imports may have dropped in July as top
refineries pare back production, a Reuters poll showed. A fall
will extend the monthly decline in June which saw volumes hit
5.29 million barrels per day, the lowest daily rate since
December.
CRUDE Price Prev Change
OCT DME Oman diff to Dubai swaps +1.15
SEP Brent 111.48 110.38 +1.10
OCT Dubai 106.43 105.10 +0.91
OCT DME Oman 107.05 106.25 +0.80
SEP Brent/Dubai EFS 5.05 4.86 +0.19
