Crude oils for sale from the Middle East to Asia maintained their discounts on expectations Saudi Arabia will supply full volumes to refiners in the region.

Qatar Marine for March loading was at a discount of 25 cents a barrel
to its official selling price, according to data compiled by Bloomberg
News. Abu Dhabi’s Murban was at a discount of 3 cents a barrel,
Bloomberg data showed.

Oman, a Persian Gulf benchmark for Asia, traded at a discount of 40
cents a barrel to marker grade Dubai, said three traders who
participate in the market.

Saudi Arabian Oil Co., the world’s largest producer, will supply full
volumes of crude to refiners in China, South Korea and Taiwan for
February. Saudi Aramco, as the company is known, will provide 100
percent of cargoes sold under long-term contracts next month, according
to a Bloomberg News survey of refinery officials in the three Asian
nations, who asked not to be identified because of confidentiality
agreements with the company.

Oman for immediate loading climbed 91 cents, or 1.1 percent, to $81.95
a barrel. Dubai for loading in March increased $1.40, or 1.8 percent,
to $81.39 a barrel. Abu Dhabi’s Murban rose 1.1 percent to $82.04 a
barrel.

Oman futures for March delivery climbed 51 cents to $81.66 a barrel on
the Dubai Mercantile Exchange at 5:41 p.m. Singapore time, with 806
contracts traded. The settlement price was set at $81.71 a barrel at
12:30 p.m. Dubai time.

The Brent-Dubai exchange for swaps for February narrowed 22 cents to 43
cents a barrel and the exchange for swaps for March narrowed 5 cents to
52 cents a barrel, according to data from brokers PVM Oil Associates.
The exchange for swaps is the price difference between Brent and Dubai
swaps contracts.

Source: Bloomberg

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