Urals crude differentials to dated Brent were stable on Friday, while premiums for Azeri BTC crude oil loading in February eased amid weakening demand, traders said.

The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow’s oil revenue, India’s oil secretary, Pankaj Jain, told reporters at an event.

February barrels of Azeri BTC crude oil were under pressure from alternative oil grades available in the region.

PLATTS WINDOW

SOCAR Trading offered 650,000 barrels of Azeri BTC oil loading on Feb. 9-13 from Ceyhan, well below recent estimates, but didn’t find a buyer.

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

NEWS

Chevron said on Friday it had started production at a $48 billion expansion of the giant Tengiz oilfield which will bring its output to around 1% of global crude supply.
Source: Reuters