Russian Urals crude oil differentials to dated Brent were unchanged on Friday, while Caspian Pipeline Consortium announced one of its pumping station damaged by drones earlier this year was back online.
The CPC is Kazakhstan’s main route for exporting crude. It also carries Russian oil to the Black Sea for export by tanker.
The Kropotkinskaya pumping station was damaged in what was described as a drone attack.
As the pumping station is back online the CPC system is expected to be able to operate at full capacity, allowing higher CPC Blend oil exports, traders said.
Black Sea CPC Blend crude oil exports are set to rise to around 1.6 million-1.7 million barrels per day in June from some 1.5 million bpd in May.
Russia’s leading tanker group Sovcomflot plunged to a net loss of $393 million in the first quarter, blaming the slump on new Western sanctions that have led to operational problems, lower revenues and some vessels sitting idle.
PLATTS WINDOW
No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Friday.
NEWS
Spot premiums for Murban crude have hit six-month lows on surging supply as the United Arab Emirates ramps up output following OPEC+’s decision to accelerate production hikes and compete head-on with U.S. shale oil, traders and analysts said.
The share of Russian oil in India’s overall imports rose to about 38% in April from 32% in March, denting intake of Middle Eastern oil, tanker data obtained from shipping and trade sources showed.
Source: Reuters