Middle East Crude

In the trade of Iraqi grades, supplies for Basrah Medium （BM）and Basrah Heavy (BH) appeared to have increased gradually. Supplies of these Iraqi crudes from Iraqi State Oil Marketing Organization (SOMO) and equity holders of Iraqi crudes such as major rose to 2.20 million barrels per day (b/d) in August. The Iraqi government ordered equity holders such as Italiy's ENI to raise the operational rate of the Zubai oil field, where many production facilities for BM and BH are located. Production from the field recovered to 325,000 barrels per day (b/d) in August. Before early March when the Strait of Hormuz was closed, the production was about 400,000b/d, so that the production from the Zubai field has recovered to about 80% of the level before the closure of the Strait of Hormuz.

African/European/Russian/American Crude

In Nigerian crude trading, major oil companies such as US ExxonMobil, US Chevron and UK Shell were offering October-loading cargoes. For October-loading cargoes, Bonny Light was offered at premiums in the $7s to Dated Brent, and Qua Iboe was offered at premiums in the $8s to Dated Brent while Forcados was offered at premiums in the $9s to Dated Brent.　Meanwhile, Indian refiners, including Indian Oil Corporation (IOC), and Indonesia's state-owned Pertamina seemed to be considering purchases of Nigerian crude.

Asia Pacific Crude

A supply schedule for November-loading Ichthys was finalized. A total of two cargoes planned to be supplied for November-loading. French Total would handle one cargo for Nov 4-8 loading and INPEX would market one cargo for Nov 16-20 loading, each 650,000bbl. The supply was one cargo less than the previous month, while November-loading avails for Australian NWSC and Wheatstone would be limited. As a result, demand for Ichthys condensate could increase further.