Middle East Crude-Benchmarks slip as month's end nears

SINGAPORE, Feb 25 (Reuters) - Middle East crude benchmark Dubai, Oman and Murban slipped on Wednesday, the third last trading day for February.

Cash Dubai's premium eased despite a flurry of bids from TotalEnergies and Mercuria that led to the delivery of another two cargoes to the French major.

VENEZUELA

Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.

At least three VLCCs chartered by Vitol and Trafigura, the Nissos Kea, Nissos Kythnos and Arzanah, have been assigned March loading windows at Venezuela's main oil terminal, Jose, which is operated by state energy firm PDVSA and handles up to 70% of total crude exports. The tankers are bound for India, the sources said.

U.S. oil major Chevron sold its first cargo of Venezuelan crude to India's Reliance Industries since December 2023, according to shipping data and two sources.

The Boscan crude cargo is expected to be shipped on the Ottoman Sincerity vessel.

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps fell 15 cents to 90 cents a barrel.

TotalEnergies will receive an April-loading Upper Zakum crude cargo from Vitol and an Oman crude cargo from Shell following the deals. This brings Total's overall purchase for the month to 23 cargoes.

PRICES ($/BBL)

NEWS

Iraq's West Qurna 2 oilfield could nearly double its output to 750,000–800,000 barrels per day under Chevron, as the U.S. firm enters exclusive talks to take over operations from Russia's Lukoil, Iraq's Oil Minister Hayan Abdel-Ghani told Kurdish TV channel Rudaw.

Nigeria's state oil firm NNPC will begin exporting a new light, sweet crude grade called Cawthorne from March, an NNPC spokesperson said, adding to a recent recovery in output from Africa’s top exporter.

The European Commission will submit a legal proposal to permanently ban Russian oil imports on April 15, three days after Hungary's parliamentary election, according to EU officials and a document seen by Reuters.

U.S. military forces seized a sanctioned oil tanker in the Indian Ocean after tracking it from Caribbean waters, the Pentagon said on Tuesday, adding that it was the third such interdiction in that region.

Kuwait Petroleum Corporation (KPC) has held early-stage talks with a large group of potential investors over a $7 billion stake sale in its crude oil pipelines, three sources familiar with the matter said, following similar moves by Gulf peers Saudi Arabia and the United Arab Emirates.

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

(Reporting by Florence Tan; Editing by Shreya Biswas)

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

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