Urals crude oil differentials firmed slightly to dated Brent in Indian ports amid good demand for June-loading barrels, traders said on Friday.

Urals oil cargoes loading in the first half of June traded at a discount of $3.50 per barrel to dated Brent, slightly firmer than May cargoes, which traded at a discount of $3.50-4 per barrel against dated Brent on delivered ex ship (DES) basis in Indian ports, traders said.

India is the largest buyer of Urals oil cargoes delivered by sea and a main market for the grade.

Quite a lot of cargoes loading in the second half of June were on offer, traders added.

Limited supply of Urals oil expected in June also supported the grade’s values, traders said. Russian oil exports remain moderate due to high refinery runs and output curbs pledged to OPEC+.

For June, Russia’s offline primary oil refining capacity is seen declining from May by 41% to 1.936 million tons.

PLATTS WINDOW

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

NEWS

Expanded sanctions on Russia and enhanced pressure on countries that Moscow considers friendly are hurting Russian firms’ export revenues and creating oil payment issues, the Bank of Russia said on Friday.

Pipeline operators in Poland and Russia agreed on a solution that will allow Kazakh oil transit to Germany to continue, removing a risk that it would stop in June, sources familiar with the matter told Reuters.
Source: Reuters (Reporting by Reuters; Editing by Shailesh Kuber)