--Middle East

　Spot differentials for February-loading Basrah Heavy(BH) were quoted at discounts of 47-52cts to Dubai quotes, up $2.18 as of Friday. Some end-users resumed spot purchase amid a sense that the value was attractive. Rongsheng Petrochemical purchased one million barrels of BH at discounts of about 50cts to the OSP via a March-loading tender. Rongsheng apparently lifted the evaluation for the February-loading OSP for Basrah Heavy(BH) settled by Iraqi State Oil Marketing Organization (SOMO) on Monday. One trader in Singapore reckoned that SOMO lowered the OSP for February-loading BH to discounts of $3.80 to Dubai/Oman average and the value was no longer sensed as expensive although oversupply was observed and the OSPs for February-loading Arab Medium(AM) and Arab Heavy (AH) were lowered much more than the OSP for BH. The market for March-loading BH was similar to that for February-loading BH.

--Africa/Europe/Russia/America

　In the trade of Brazilian grades bound for Asia, UNIPEC purchased up to four VLCCs or 8.0 mil bbls of Brazilian grades for April arrival. Crude grades that UNIPEC bought included Tupi. The price was said to be at premiums of the $3.00s level to Dated Brent for arrival in China. UNIPEC in December secured a large chunk of Brazilian grades, or about 10 VLCCs at premiums of around $2.00 to Dated Brent on a CFR China basis as reported.

--Asia Pacific

　In other trade for March-loading Vietnamese grades, PTT Public Co (PTT) won a Rang Dong sell tender issued by PV OIL. The awarded price seemed to have been at premiums in the high $4's to $5 to Dated Brent. Through the tender that had been closed on Monday at 14:00 Vietnam time with offers valid until Tuesday at 18:00 last week, PV OIL was trying to sell one cargo of 200,000 barrels for Mar 12-18 loading.