The July Brent futures flat price has just ticked down this morning from a high of $83.25/bbl at 08:05 BST to $82.40/bbl handles at 10:55 BST, where it still currently resides as of 11:10 BST (time of writing). Overnight the Italian government has announced it is selling a 2.8% stake in the national oil and gas producer Eni worth around $1.4 billion. Pre-transaction, the Italian government controlled a 4.8% stake in the company, with the Italian state-owned bank Cassa Depositi e Prestiti also controlling a 28.5% stake. Benin has provisionally reversed its decision to block exports of crude oil from Niger via its port and agreed to hold a meeting between the two countries. The news was announced by the junta-led nation’s Mines minister Samou Seidou Adambi following a meeting with Chinese partners. Nigeria’s Dangote refinery is seeking to buy 2mbbls/m of WTI Midland crude for twelve months starting in July this year as it ramps up processing rates. Azerbaijan’s April oil output has edged down to 476kbbls/d, representing a 7% y-o-y fall, keeping production below its OPEC+ quota of 551kbbls/d, according to the country’s energy ministry. The front and 6-month spreads are $0.41/bbl and $2.97/bbl, respectively.
