Urals crude differentials to dated Brent were stable on Friday, while oil loadings from Russia’s western ports were set to rise by some 17% on a daily basis in September from August as domestic refineries cut runs.

The ports of Primorsk, Ust-Luga and Novorossiisk will load about 2.1 million barrels per day (bpd) of Urals, KEBCO and Siberian Light crude in September, up from around 1.8 million bpd in August.

Russia’s offline primary oil refining capacity is expected to rise by 43% in September from August to 4.343 million metric tons.

PLATTS WINDOW

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

NEWS

Russia’s flagship Urals crude oil blend traded at $74.00 per barrel on average in August, up from $64.37 per barrel in July, further rising above the Western-imposed price cap of $60, Russia’s Finance Ministry said on Friday.

Russia’s Kirishi oil refinery briefly suspended operations on Friday following an incident at a neighbouring power station and is gradually restarting after the stoppage.
Source: Reuters (Reporting by Reuters, Editing by Mark Potter)