ME crude: April Murban steady

Middle East crude benchmark Murban was steady on Wednesday in thin trade, with buyers waiting for more direction from markets before securing their requirements. Abu Dhabi’s Murban was valued at a premium of around 8 cents a barrel, easing 1-2 cents from the previous session, traders said. Russia’s exports of ESPO-blend crude via the Pacific port of Kozmino will edge up in the second quarter to 3.47 million tonnes from 3.435 million tonnes in the first three months of 2012, sources said on Wednesday, citing a preliminary schedule. France’s Foreign Minister said on Wednesday he was sceptical renewed talks between six world powers and Iran would succeed as Tehran was still not sincere in its willingness to negotiate over the future of its nuclear programme. The US Energy Information Administration cut its estimates for oil production growth outside of OPEC countries this year and next and also reduced its estimates on oil demand growth. Top oil exporter Saudi Arabia must reduce its reliance on crude sales revenues and develop its downstream industry to shield its economy from international market volatility, the kingdom’s oil minister said on Tuesday.