OIL & GAS

ONGC sells Oct-loading Russian Sokol crude at three-month-low spot premium

Indian oil explorer ONGC has sold a Russian Sokol crude cargo loading Oct. 10-16 at a spot premium of around 70-80 cents a barrel to Dubai quotes, the lowest since May, trade sources said on Friday.

The buyer was a trading house, they said.

Asia’s physical oil market has weakened since last month due to weak demand including from China, with Cash Dubai and DME Oman prices flipping into discounts to Dubai swaps for the first time since end-May.

In the second half of last month, ONGC and ExxonMobil sold September-loading Sokol crude cargo at spot premiums of around $2.10-$2.50 a barrel to Dubai quotes.

Source
ET Energy World
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