Middle East crude benchmark spot premiums of Oman, Murban and Dubai declined on Tuesday, as traders weighed ample supplies and near-term demand from India.

State-run Indian Oil Corp IOC has placed orders to buy Russian oil from non-sanctioned entities, while Bharat Petroleum Corp is in an advanced stage of negotiations for Russian oil imports.

Indian refiners had paused Russian oil purchases since Western sanctions listed the top Russian oil producers in October, prompting them to turn to the Middle East and other markets for alternative supplies.

A decline in India’s oil imports from Russia may last only for “a brief period” as Moscow plans to boost supplies to New Delhi, Kremlin spokesperson Dmitry Peskov told Indian journalists on Tuesday.

Russian President Vladimir Putin starts a two-day visit to India from Thursday, pitching for more sales of Russian oil, missile systems and fighter jets in a bid to restore energy and defence ties hit by U.S. pressure on the South Asian nation.

SINGAPORE CASH DEALS

Cash Dubai’s premium to swaps fell 27 cents to 61 cents a barrel.

NEWS

Exxon Mobil XOM has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters.

Global commodity trading house Gunvor’s [RIC:RIC:GGL.UL] CEO Torbjorn Tornqvist will step down and sell his shareholding in a management buyout, weeks after the U.S. dubbed the firm the “Kremlin’s puppet” over its past Russian links.

The Caspian Pipeline Consortium (CPC) said on Monday that it had resumed oil shipments from one mooring point at its Black Sea terminal following a major Ukrainian drone attack on November 29.

Elliott Investment Management’s affiliate Amber Energy plans to keep Citgo Petroleum’s refineries, terminals and other connected assets once it takes over the Venezuela-owned U.S. refiner, following the completion of a court-ordered auction, sources close to the preparations said.
Source: Reuters