Caspian CPC Blend crude differentials were stable on Friday, as traders continued to discuss relatively firm differentials for the grade against the grain of a weaker Mediterranean market.

One trader indicated value for CPC Blend at around dated Brent minus $2.20 on Friday, in line with a recent spate of trades in a range of dated -$2.50 to -$2.20 per barrel.

Demand for CPC Blend could have been helped by strong freight values, making crudes pricing on a CIF basis more attractive, the source added.

On Thursday, traders said that firm demand for CPC Blend in Northwest Europe and the Mediterranean was offsetting a closed arbitrage to Asia for the naphtha-rich grade.

Besides CPC Blend, traders again viewed a weakening in the wider Mediterranean crude market.

Azeri BTC Blend was pegged by two traders at around dated plus $1.90 on Thursday.

PLATTS WINDOW

No bids or offers were shown for Urals, CPC Blend and Azeri BTC in the Platts window on Friday.

NEWS

Eight OPEC+ countries will meet on Saturday to decide whether to agree a further accelerated oil output hike for June or make a smaller increase as originally planned, two sources with knowledge of the matter told Reuters on Friday.

Executives for the Indian Oil Corporation and also Bharat Petroleum Corporation said that availability of Russian oil has increased.

Azerbaijan, host of last year’s United Nations climate summit, will deliver its overdue climate action plan by September, COP29 President Mukhtar Babayev told Reuters on Thursday, adding the oil-producing country was advancing its green energy transition.
Source: Reuters