RI exports drive crude market

RI exports drive crude market

SINGAPORE (Reuters): The Asian crude market was steady on limited spot activity yesterday as traders focused on Indonesia, traders said.

Some traders were watching for the July export allocations from Indonesia, due out on Monday, to give a clearer idea of availabilities in the market.

In June, Indonesia sharply increased the allocations of its heavy sweet Minas and Duri crudes, following a shut down at the 125,000 barrels-per-day Balongan refinery.

The refinery is expected to operate at around 60 percent capacity until end June, officials said.

But traders said changes in Indonesia's method of oil imports may prompt it to keep more domestic crudes for its own use.

There were reports that Indonesian state oil company Pertamina had already purchased a Kutubu cargo directly from U.S. major Mobil, but Mobil sources denied this.