SINGAPORE, Dec 8 (Reuters) - The spot premium for February-loading Russian Sokol crude has dropped to the lowest in at least three years following a rise in production.
Indian explorer ONGC sold a 700,000-barrel cargo to South Korean refiner SK Energy at $2.60 a barrel above Oman/Dubai quotes via a tender, traders said on Monday. This is equivalent to about $3 a barrel above Dubai quotes, the lowest premium SOK-DUB since Dec. 2011 when Reuters’ record started.
Production at Sakhalin-1 increased late this year, leading to a rise in Sokol exports, they said. (Reporting by Florence Tan)