Peak Summer Oil Consumption News

Shell Active in Mideast, Russia Crude Liftings

Oil major buys various grades from Qatar, UAE, Russia; re-sells Qatar Marine and Sokol. Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region's pull on Middle East and Russian grades, priced off Middle East crude benchmark Dubai, has strengthened this month as a widening of Brent's premium to Dubai has made competing Atlantic Basin supplies more expensive. Asia's crude demand is also set to rise in the third quarter as refiners return from maintenance to ramp up output to meet peak summer oil consumption.