Middle East Crude-Dubai holds; Total, Mercuria snap up 40 April-loading cargoes

SINGAPORE, Feb 27 (Reuters) - Middle East crude benchmark Dubai held firm on Friday, the last trading day of the month, amid a flurry of trade that led to the delivery of six cargoes to TotalEnergies and Mercuria.

Traders are eyeing the results of crude tenders from Indian refiners, IOC and HPCL, which will close later on Friday.

ADNOC

Abu Dhabi is set to export more of its flagship Murban crude in April, according to two trade sources and a Bloomberg News report on Friday, as state-owned ADNOC offered additional volumes to partners in the country's onshore concession.

It was not immediately clear how much extra Murban supply there will be, the Reuters sources said.

SAUDI OSP PREVIEW

Saudi Arabia may raise April crude prices to Asia for the first time in five months due to higher demand from India, in an effort to replace Russian supplies and soothe supply disruption fears as the threat of a U.S.-Iran military conflict grows, refining sources said.

The April official selling price (OSP) for Arab Light crude may rise by about $1 a barrel, returning to levels last seen in December, four sources said in a Reuters survey, tracking a similar rise in the spot Dubai premium this month. April OSPs for other Saudi grades are also expected to move up in tandem, they added.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 1 cent to $1.15 a barrel.

TotalEnergies will receive one April-loading Oman cargo each from Trafigura and Vitol while P66 and Shell will deliver one Upper Zakum cargo each to the French major. Mercuria will receive an Upper Zakum cargo from BP and an Oman cargo from Shell.

These bring the total number of cargo delivered this month to 40, of which TotalEnergies took 30 while the rest went to Mercuria.

PRICES ($/BBL)

NEWS

The United States and Iran made progress in talks over Tehran's nuclear program on Thursday, mediator Oman said, but hours of negotiation ended with no sign of a breakthrough that could avert potential U.S. strikes amid a massive military buildup.

The United States has slowed the sale of Russian oil giant Lukoil's international assets to pressure Russia in the Ukraine peace talks, according to four sources familiar with the discussions.

Russia will aim to keep its Urals crude oil exports steady in March by boosting shipments to China as India, a key buyer, cuts purchases following a trade deal with the U.S.

Venezuela's oil ministry has suspended 19 oil production-sharing contracts with private companies signed under the administration of President Nicolas Maduro, four sources with knowledge of the move told Reuters on Thursday.

The European Union needs to coordinate its plan to impose a full maritime services ban on Russia's seaborne crude oil exports with other G7 countries before pushing ahead with the measure, the EU's sanctions envoy said on Thursday.

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

(Reporting by Florence Tan; Editing by Shailesh Kuber)

((Florence.Tan@thomsonreuters.com;))

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