Urals crude differentials to dated Brent were stable on Friday, while oil exports from Russia’s western ports were expected to drop next month.

Russian oil exports from western ports are set to fall by some 100,000 to200,000 barrels per day next month from July levels, a sign Moscow is making good on its pledge for fresh supply cuts in tandem with OPEC leader Saudi Arabia, two sources said on Friday, citing export plans.

Lower volumes of August Urals were available on offer in Asia compared to July-loading cargoes, traders said.

The Russian government proposed narrowing the Urals oil discount to Brent to $20 per barrel from $25 from Sept. 1 in order to calculate taxes, the TASS news agency reported on Friday, citing Deputy Finance Minister Alexei Sazanov.

PLATTS WINDOW

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

NEWS

Indian refiners have settled some payments for Russian oil imports in Chinese yuan, but the U.S. dollar remains the dominant currency for such payments, a senior government official said.
Source: Reuters (Reporting by Reuters; Editing by Josie Kao)