SINGAPORE: The Asia-Pacific crude market remained steady on Wednesday as traders waited for June cargoes to trade.
VIETNAM
Vietnam's PV Oil offered Su Tu Den term cargoes for loading over July to December, a trade source said.
The tender closes on April 17.
The last term barrels likely went to the domestic Dung Quat refinery, traders said.
MALAYSIA
State oil firm Petronas has set the price factor for Malaysian Crude Oil (MCO) for April at $3.90 per barrel, down 15 cents from the previous month, the company said on Wednesday.
The monthly price factor is added to the average of Platts' dated Brent prices published in the month to derive the Malaysian crude official selling price (OSP).
Petronas changed its OSP mechanism effective January 2017, basing its benchmark price on a basket of four Malaysian crude grades - Labuan, Miri Light, Kikeh and Kimanis.
BRENT-DUBAI EFS
Brent's premium to Dubai swaps was at $3.97 per barrel, up 19 cents for June.
NEWS
Saudi Aramco and a consortium of Indian state refiners agreed to build a mega refinery and petrochemical project on India's west coast for an estimated $44 billion, officials at the signing of an initial agreement said.
Global oil supply remains a concern amid OPEC and Russian-led output reductions, with production falling from mature oilfields while demand growth remains strong, the International Energy Agency's Executive Director Fatih Birol said.
Saudi Arabia's energy minister said the world's biggest exporter of oil will not sit by and let another supply glut surface, but also does not want oil prices to rise to "unreasonable levels".
Middle Eastern oil producer Kuwait hopes to sell an additional 200,000 barrels per day (bpd) of crude oil to India through the purchase of a stake in an oil refinery in the country, Kuwait Petroleum International (KPI) Chief Executive Officer Nabil Bourisli said.
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