--Middle East

　ADNOC moved to slash term supplies for all February-loading cargoes. ADNOC was said to have informed some of its several term buyers to apply the lower tolerance for crude supplies. Under long term contracts for Abu Dhabi grades with ADNOC, ADNOC can apply both upper and lower 5% operational tolerance. But for this time, ADNOC would slash contractual volumes by 5%. A trader in Singapore says, "Several long-term contractors would receive term supplies in line with contractual volumes thus the cuts this time are not subject to all long- term buyers." Even so, some buyers were informed suddenly that prompt supplies would be slashed, though the cut was 5%, thus those buyers would need to cover the shortfall, the trader said. ADNOC this time moved to make cuts in order to comply with its voluntary production cuts in line with an agreement by OPEC plus. There was no information of facility troubles such as production glitches in the oil field.

--Africa/Europe/Russia/America

　In the trade of Brazilian grades bound for Asia, China International United Petroleum & Chemicals Co (UNIPEC) purchased May arrival Brazilian grades. UNIPEC purchased a total of 2.0 mil bbls of Tupi and Sapinhoa from British Shell. The price for these cargoes was said to be at a premium of $3.15 to Dated Brent on a CFR basis. The price was largely at the similar levels for April arrival Brazilian grades for China.

--Asia Pacific

　In trade for April-loading Malaysian grades, Brune Energy Service issued an April-loading Kimanis sell tender. Through the tender that would be closed on Feb 19 with validity until the same day, Brune Energy Service was trying to sell one Apr 19-23 loading cargo. As for April-loading Kimanis, six cargoes were supplied in total. Briton's Shell held two cargoes for Apr 3-7 loading and Apr 29-May 3 loading while Malaysia state-owned Petronas held two cargoes for Apr 14-18 loading and Apr 24-28 loading. US Conoco Philipps had one cargo for Apr 8-12 loading.