SINGAPORE- Middle East crude benchmarks Oman and Dubai edged down on Tuesday, tracking global oil futures. O/R
Markets are awaiting news from Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, on the next level of production cuts. The Joint Technical Committee meets on Tuesday, with the Joint Ministerial Monitoring Committee due to meet on Wednesday.
NEWS
China's June crude oil imports jumped by a third from the same period a year earlier, setting a second straight monthly record, as cheap cargoes bought during April's oil price crash arrived at Chinese ports.
BP delivered 3 million barrels of Iraqi oil to the Shanghai International Energy Exchange this month, becoming the first major global trader to make a physical delivery since China launched the futures market in 2018, industry sources said on Tuesday.
State energy giant Saudi Aramco said on Tuesday it will be reorganising its downstream business to support its global growth strategy, aiming to complete it by the end of this year.
Australia's Woodside Petroleum Ltd plans to book impairments of $4.37 billion after tax, joining global energy majors that have slashed the value of their assets after a coronavirus-induced slump in oil and gas prices.
Gazprom reported a first-quarter net loss of 116 billion roubles ($1.64 billion) compared with a net profit of 536 billion roubles in the same period last year, the Russian gas producer said on Tuesday.
ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader.
(Reporting By Shu Zhang; Editing by Krishna Chandra Eluri) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))
