Middle East Crude Oils Rise on Signs of Falling OPEC Exports

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Sunday, 22 February 2009

Crude oils from the Middle East rose on signs that OPEC exports are falling as the group implements their output cuts. Qatar Marine for April loading climbed 1 cent to a premium of 36 cents a barrel to its official selling price, according to data compiled by Bloomberg News. Abu Dhabi’s Upper Zakum increased 1 cent to a premium of 31 cents a barrel to its official price, Bloomberg data showed. Refiners are seeking the two grades as a replacement for the lower volumes of Saudi Arabia’s Arab Light grade after the kingdom cut the grade by up to 14 percent to refiners in Asia. The Organization of Petroleum Exporting Countries will reduce their crude oil shipments by 3 percent in the month ending March 7, according to tanker-tracker Oil Movements. That’s the lowest volume since February 2004. Oman crude oil for immediate loading increased $1.19, or 2.9 percent, to $42.08 a barrel. Dubai oil for loading in April rose $1.11, or 2.8 percent, to $41.33 a barrel. Murban crude gained 3 percent to $43.21 a barrel. Oman crude oil futures for April delivery fell 70 cents to $41.40 a barrel on the Dubai Mercantile Exchange at 4:33 p.m. Singapore time, with 512 contracts traded. The settlement price was set at $41.31 a barrel at 12:30 p.m. Dubai time. The Brent-Dubai exchange for swaps for April narrowed to flat and the exchange for swaps for May narrowed 2 cents to 99 cents a barrel, according to data from PVM Oil Associates. The exchange for swaps is the price difference between the Brent and Dubai swaps contracts. Source: Bloomberg