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    HomeNewsBusinessONGC sells October-loading Russian Sokol crude at three-month-low spot premium: Sources

    ONGC sells October-loading Russian Sokol crude at three-month-low spot premium: Sources

    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.

    Reuters
    August 07, 2020 / 11:18 IST

    Indian oil explorer ONGC has sold a Russian Sokol crude cargo loading October 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.

    Reuters
    first published: Aug 7, 2020 11:12 am

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