OREANDA-NEWS. February 03, 2015. Robust demand from China has helped push March premiums for Russian ESPO crude to the highest level in seven months, trade sources said on Monday.

In the latest ESPO tender, Rosneft sold two cargoes each to CNPC and Unipec at \\$3.25-\\$3.30 a barrel above Dubai quotes, they said.

The deals for the cargoes, loading on March 19-22, 20-23, 22-25 and 26-29, could not be independently verified.

Surgutneftegaz sold March ESPO at similar levels last week, supported by strong margins and demand for oil for storage. This was despite a rise in supply for March.

Separately, India's Mangalore Refinery and Petrochemicals Ltd purchased 1 million barrels of Congolese Coco crude from trader Vitol at a discount of \\$4 a barrel to dated Brent for lifting in the first half of March, a person with knowledge of the trade said.

Pertamina bought at least one Qua Iboe cargo from Vitol and an Azeri Light cargo in a tender for April delivery.

Brent-Dubai Exchange of Futures for Swaps (EFS), or Brent's premium to Dubai swaps, widened 10 cents to \\$1.53 a barrel for March. The April EFS was at \\$1.55.

PRICES

Official selling prices for Malaysian and Indonesian crude have fallen to the lowest since 2009.

The official selling price of a basket of Malaysian crude oil for January loading has been calculated at \\$53.16 a barrel, the lowest for Labuan since April 2009.

The official Indonesia Crude Price for Minas has been calculated at \\$45.56 a barrel for January, down \\$14.44 from the previous month, an industry source with direct knowledge of the matter said on Monday. The January price is the lowest since February 2009, according to Thomson Reuters data.

MARKET NEWS

OPEC's oil supply has risen in January due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices.

Oil production in Russia edged down in January to 10.66 million barrels per day (bpd) from 10.67 million bpd in December, Energy Ministry data showed on Monday.

Union workers took to picket lines on Sunday after strikes were called at nine U.S. refineries and chemical plants in an effort to pressure oil companies to agree to a new national contract covering workers at 63 plants.