Middle East Crude-Benchmarks gain on Trump threats on Russian oil buyers

ReutersAug 6, 2025 10:20 AM

SINGAPORE, Aug 6 (Reuters) - Middle East crude benchmark spot premiums of Oman, Dubai and Murban buoyed on Wednesday, after U.S. President Donald Trump's renewed threat of higher tariffs on Russian oil buyers sparked concerns of tighter supply.

Indian Oil Corp IOC.NS, India's top refiner, has bought one million barrels of Nigeria's Agbami crude oil for September delivery, trade sources said on Wednesday.

The tender, conducted via ICE chat, was awarded to Trafigura, they said.

The price was not immediately known.

Market participants were also awaiting for Saudi Arabia to release its September official selling prices for crude.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 13 cents to $2.67 a barrel.

Unipec will deliver two October-loading Upper Zakum crude cargoes, one to PetroChina and the other to Trafigura following the deals.

SELLER-BUYER	PRICE ($/BBL)
UNIPEC-TRAFIGURA	70.20
HENGLI-TRAFIGURA	70.20
UNIPEC-TRAFIGURA	70.20
SINOCHEM-TRAFIGURA	70.19
UNIPEC-PETROCHINA	70.20
SINOCHEM-TRAFIGURA	70.20
UNIPEC-PETROCHINA	70.20
UNIPEC-TRAFIGURA	70.20
UNIPEC-PETROCHINA	70.20
SINOCHEM-TRAFIGURA	70.20
UNIPEC-PETROCHINA	70.20
UNIPEC-TRAFIGURA	70.21
SINOCHEM-TRAFIGURA	70.20
UNIPEC-TRAFIGURA	70.21
UNIPEC-PETROCHINA	70.24
HENGLI-PETROCHINA	70.23
UNIPEC-PETROCHINA	70.24
SINOCHEM-TRAFIGURA	70.22
BP-VITOL	70.25
EXXONMOBIL-PETROCHINA	70.25
SINOCHEM-TRAFIGURA	70.24
HENGLI-PETROCHINA	70.25
BP-PETROCHINA	70.25
UNIPEC-PETROCHINA	70.25
UNIPEC-VITOL	70.25
UNIPEC-TRAFIGURA	70.25
UNIPEC-TRAFIGURA	70.25
UNIPEC-VITOL	70.25
UNIPEC-TRAFIGURA	70.25
GUNVOR-PETROCHINA	70.35
UNIPEC-TRAFIGURA	70.25
SINOCHEM-PETROCHINA	70.35
UNIPEC-VITOL	70.25
EXXONMOBIL-PETROCHINA	70.35
UNIPEC-TRAFIGURA	70.25
GUNVOR-PETROCHINA	70.35
UNIPEC-TRAFIGURA	70.25
UNIPEC-TOTAL	70.25
UNIPEC-VITOL	70.30
UNIPEC-VITOL	70.30
SINOCHEM-TRAFIGURA	70.29
BP-PETROCHINA	70.35
UNIPEC-PETROCHINA	70.30
UNIPEC-VITOL	70.30
EXXONMOBIL-PETROCHINA	70.35
UNIPEC-VITOL	70.30
GUNVOR-PETROCHINA	70.35
EXXONMOBIL-PETROCHINA	70.35
UNIPEC-VITOL	70.30
EXXONMOBIL-VITOL	70.35
UNIPEC-PETROCHINA	70.30
BP-PETROCHINA	70.35

PRICES ($/BBL)

	CURRENT	PREV SESSION
GME OMAN	70.26	70.36
GME OMAN DIFF TO DUBAI	2.63	2.60
CASH DUBAI	70.30	70.30

NEWS

Iraq's oil minister Hayan Abdel-Ghani said on Wednesday BP BP.L will begin developing the Kirkuk oilfields in less than a month.

ADNOC Gas ADNOCGAS.AD reported on Wednesday a 16% rise in second-quarter net profit as strong domestic demand and operational efficiency helped offset lower hydrocarbon prices.

Marathon Petroleum Corp MPC.N beat Wall Street estimates for second-quarter profit on Tuesday, benefiting from a rebound in refining margins as fuel demand remained firm.

BP's BP.L announcement on Monday of its largest global oil and gas discovery in 25 years in Brazil's offshore Santos basin bodes well for Equinor's EQNR.OL nearby interests and strong appetite for an October auction of oil blocks in the region.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

Brent	BRENTSGMc1
Dubai	DUBSGSWMc2
GME Oman	OQc1
Brent/Dubai EFS	DUB-EFS-1M

PRODUCT CRACKS
Fuel oil crack	FO180SGCKMc1
Gasoil crack	GO10SGCKMc1
Naphtha crack	NAF-SIN-CRK
Gasoline crack	GL92-SIN-CRK
Complex refining margins	REF/MARGIN1

RECENT CRUDE OIL TRADES:
Asia ACRU/T  Europe CRU/T Americas CRU/TU
      
CRUDE OIL MARKET NEWS      
Crude oil tenders in Asia                       CRU/TENDA
Crude oil supply outages in Asia                CRU/OUT-ASIA-O      
Refinery outages in Asia                        REF/OUT-ASIA-O      
Global arbitrage news and flows                 O/CRUDEARB      
W.African crude imports to Asia,  monthly       O/WAFRICA1      
REFINERY MAINTENANCE DIARIES      
Asia REF/A   Middle East REF/ME   Europe REF/E      
                       
NATIONAL CRUDE IMPORT DATA      
Japan     METI/JP1   China   O/CHINA1      
India     O/INDIA2   S.Korea O/KOREA1      
Indonesia O/INDO1-CRU         
                       
CRUDE OIL INVENTORY DATA      
Japan O/JAPAN1  US EIA/S  Europe O/EUROIL1      
                    
CRUDE OIL PRODUCTION/OILFIELD NEWS      
OPEC output survey OPEC/O          New Africa fields    AFR/NEW 
New projects       ENERGY/NEW      New Americas  fields AM/NEW
CRUDE OIL MARKET REPORTS      
Middle East             CRU/MAsia-Pacific         CRU/AP      
West Africa             CRU/WAF  North Sea            CRU/E      
Asia outlook            ASIA/CRU Europe outlook       EUR/CRU      
Global futures report   O/R      Technicals report    O/I      
                            
PRICES      
For all Official Selling  Prices       OSP/O      
For a POLL on oil  prices              O/POLL      
NYMEX and ICE oil  futures             OILOIL      
TOCOM crude oil  futures               0#JCO:      
Dubai, Oman swaps and  spread          ASIA/SWAP/CRUDE      
Middle East physical crude diffs       CRUDE/ASIA2      
Australia physical crude, Tapis swaps  CRUDE/ASIA1      
Asia-Pacific physical crude            CRUDE/ASIA3      
All Asian crude oil  differentials     0#C-DIF-A
All Asian crude oil outright  prices   0#C-A

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