Indian oil explorer ONGC has sold one Russian
Sokol crude cargo, loading August 2-8, at a
spot premium of around $3.60 a barrel to Dubai quotes to China oil through a tender, trade sources said on Wednesday.
Asia's spot premium for Sokol crude has rebounded strongly since May from a record discount seen in April, helped by tighter crude supply due to
OPEC cuts.
Last month, ONGC sold one
Russian Sokol crude cargo, loading July 18-24, at a small spot premium of less than 20 cents a barrel to Dubai quotes to a Korean buyer.