Middle East Crude-Benchmarks extend gains; Iraq, Qatar set March OSPs



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SINGAPORE, Feb 8 (Reuters) -Middle East crude benchmarks Oman, Dubai and Murban continued to rise on Wednesday, supported by expectations of a demand revival in China and a supply disruption at Turkey's Ceyhan oil terminal.

The Iraqi crude pipeline to the Ceyhan oil export hub resumed flows on Tuesday evening while a tanker docked to load crude, the first since a series of earthquakes on Monday, ship tracking showed and industry sources said.

While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri BTC pipeline was, however, still working and sending oil to storage in Ceyhan, two sources said.


OSP

Iraq sets March Basrah Medium crude price to Asia at minus $1.10 a barrel versus the Oman/Dubai average, up 30 cents from a month ago, according to the Iraqi State Organization for Marketing of Oil (SOMO).

Qatar sets the official selling prices (OSPs) for March Marine crude at plus $0.40 a barrel against the Oman/Dubai average, and for Land crude at plus $1.10 a barrel against the Oman/Dubai average, according to a pricing document issued by Qatar Petroleum.

February OSPs for Qatar Marine and Qatar Land were set at $0.75 a barrel over the Oman/Dubai average and $2.10 a barrel, respectively.


INDIA

India, the world's third-biggest oil importer and consumer, has diversified its sources of energy imports but will continue to buy most of its oil from the Middle East for a long time, the South Asian country's oil minister said on Wednesday.

The minister also said India will consider buying oil from Iran and Venezuela if sanctions are lifted and would continue purchases from Russia if prices "continue to be good".


SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 6 cents to $2.01 a barrel.

Seller-Buyer

Price

Phillips 66-Mercuria

81.85

Phillips 66-Trafigura

81.85

Phillips 66-Trafigura

81.85

Phillips 66-Trafigura

81.85

Reliance-Mercuria

81.90

Phillips 66-Trafigura

81.90

Hengli-Mercuria

81.95

Total-PetroChina

81.90

Mitsui-BP

81.90

Gunvor-Trafigura

81.90

Total-PetroChina

81.90

Mitsui-Trafigura

81.90

Koch-Vitol

81.85

Koch-Mercuria

81.95

Total-Trafigura

81.90

Total-PetroChina

81.90

Gunvor-Trafigura

81.90


PRICES ($/BBL)


CURRENT

PREV SESSION

DME OMAN

82.09

80.45

DME OMAN DIFF TO DUBAI

2.20

2.00

CASH DUBAI

81.90

80.40


NEWS

Russian Deputy Prime Minister Alexander Novak said on Wednesday that European Union moves to add what he called "exemptions" to its price cap on oil products showed that Russian oil was still in demand.

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.

U.S. crude oil inventories fell last week, while fuel inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday.


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

Brent

BRENTSGMc1

Dubai

DUBSGSWMc2

DME Oman

OQc1

Brent/Dubai EFS

DUB-EFS-1M



PRODUCT CRACKS


Fuel oil crack

FO180SGCKMc1

Gasoil crack

GOSGCKMc1

Naphtha crack

NAF-SIN-CRK

Complex refining margins

REF/MARGIN1



Reporting by Muyu Xu; Editing by Devika Syamnath

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