Middle East Crude-Benchmarks fall; Qatar, Iraq, Iran raise August OSPs, Energy News, ET EnergyWorld (

SINGAPORE: Middle East crude benchmarks Oman and Dubai fell on Monday, tracking global oil futures. OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance rose to 107 per cent in June from 77 per cent in May. State-owned Saudi Aramco will reduce its August-loading shipments of medium and heavy crude grades to at least six Asian buyers, several sources familiar with the matter said on Monday. Buyers in China, Japan, South Korea, Taiwan and India were notified by Aramco over the weekend about the supply cuts, the sources said.

This is the fourth month in a row in which the company has cut shipments for heavier grades. Qatar Petroleum raised its August official selling prices (OSP) for Qatar Marine crude to $1.35 a barrel above the average of Platts Oman and Dubai quotes, and the August OSP for Qatar Land crude to $1.30 a barrel.

Iraq has raised the August OSP for Basra Light crude to Asia to plus $2.10 a barrel against the average of Oman/Dubai quotes, up 85 cents from the previous month. Iran has set the OSP of its Iranian Light grade for Asian buyers at $1.30 above the Oman/Dubai average for August, up $1.00 from the previous month.

Sinopec Corp’s largest refining subsidiary, Zhenhai Refining and Chemical Co, has resumed operations after a nearly four-month overhaul, Sinopec said on Monday. NEWS Yemeni Houthi forces hit a large oil facility in the southern Saudi Arabian city of Jizan using drones and missiles overnight, a Houthi military spokesman said on Monday.

Libya’s National Oil Corp (NOC) on Sunday accused the United Arab Emirates of instructing eastern forces in Libya’s civil war to reimpose a blockade on oil exports after the departure of a first tanker in six months.

Several companies that certify vessels as seaworthy as well as ship insurers have withdrawn services to tankers involved in the Venezuelan oil trade as the United States looks to tighten sanctions on the Latin American country.

Iran is determined to develop its oil industry in spite of US sanctions imposed on the country, Oil Minister Bijan Zanganeh said in a televised speech on Saturday.

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