January 9, 2020 / 10:16 AM / 16 days ago

Australia's Santos sells March Pyrenees crude at record premium of above $30/bbl - sources

SINGAPORE, Jan 9 (Reuters) -

* Australian oil and gas producer Santos Ltd has sold a cargo of Pyrenees crude at a record premium of above $30 a barrel to dated Brent via a spot tender, two trade sources said on Thursday.

* The 550,000-barrel cargo was offered to load over March 4-8.

* Pyrenees is one of Australia’s heavy sweet crudes that have been sold at record premiums over the past several months, supported by strong demand from traders.

* They are buying the grades for blending into marine fuels that meet new low-sulphur ship fuel rules from the International Maritime Organization, known as IMO 2020. (Reporting by Shu Zhang; Editing by Jan Harvey)

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