Middle East crude prices saw Oman and Murban decline, while Dubai’s prices rose amid renewed U.S. sanctions on Iran’s oil sector. The U.S. sanctions target numerous businesses involved in Iranian petroleum, raising supply concerns. Taiwan’s CPC Corporation has secured six million barrels of crude. Chevron will restructure its operations, while BP will shift its focus back to fossil fuels amidst changing market dynamics.
Middle East crude benchmark prices showed a mixed trend on Tuesday as Oman and Murban saw declines while Dubai’s prices increased. Factors such as rising oil prices for a second consecutive day were attributed to new U.S. sanctions against Iran, which heightened concerns about potential supply shortages and maintained robust global refining margins.
The U.S. Treasury announced sanctions on Monday targeting over 30 entities related to the transportation and sale of Iranian petroleum, aiming to impact Iran’s oil sector significantly. In international trade moves, Taiwan’s CPC Corporation procured six million barrels of sweet crude, set for delivery in May.
In Singapore’s cash deals, the premium for cash Dubai increased by 8 cents, reaching $3.02 per barrel, indicating a positive shift for this benchmark. As for the current pricing, GME Oman is reported at $76.94, slightly up from previous levels. The differential to Dubai, however, fell to $2.16 from $2.53.
News also highlighted that Malaysia’s state energy company, Petroliam Nasional Bhd, reported a profitability decline in 2024. Recent remarks from S&P Global indicated that the integration of U.S. WTI crude into the Brent benchmark has been effective, with no further adjustments planned. On a corporate level, Chevron plans to enhance operational efficiency by restructuring its business leadership.
In other corporate updates, Spain’s Moeve reported a return to profitability due to improved earnings in its energy and chemicals sectors. BP’s CEO has also announced a retreat from ambitious renewable energy growth targets, redirecting focus back to traditional fossil fuel operations amidst investor concerns about revenue stability.
The analysis of Middle Eastern crude prices reflects a complex interplay between global market sanctions, trading activities, and corporate strategies. While Oman and Murban prices dropped due to external pressures, Dubai’s rise showcases resilience in the market. Companies are adjusting strategies to navigate ongoing challenges, reflecting a broader trend in the oil sector.
Original Source: www.tradingview.com
