Urals crude differentials to dated Brent remained stable on Thursday in muted trading activity while Russia’s offline primary oil refining capacity in January is estimated to be up 44% from December, according to Reuters’ calculations based on data from industry sources.

The offline primary oil refining capacity in January is estimated to be 2.3 million metric tons, based on the calculations.

A decline in refinery runs means Russian oil producers have more crude oil available for exports.

Russian oil export plans for February might be revised up if lower refinery runs persist, traders said.

PLATTS WINDOW

SOCAR sold 650,000 barrels of Azeri BTC loading on Feb. 19-23 at dated Brent plus $1.95 per barrel, slightly above recent estimates.

No bids or offers were shown for Urals and CPC Blend in the Platts window on Thursday.

NEWS

Russia’s oil and gas condensate production reached 516 million metric tons, or 10.32 million barrels per day, in 2024, Deputy Prime Minister Alexander Novak told the energy ministry’s in-house magazine on Thursday, around 2.8% lower compared to 2023.
Source: Reuters