Urals crude differentials to dated Brent were little changed on Friday, while falling oil loadings from Russia’s western ports in August provided support to the grade.

Russia’s daily oil exports from the ports of Primorsk, Ust-Luga and Novorossiisk are set to be around 1.77 million barrels per day (bpd) in August, down from 1.93 million bpd in July’s plan, amid the expected rise in refinery runs.

On a daily basis oil loadings from these ports including Urals, Kazakh KEBCO and Siberian Light oil grades will decline some 8% in August from the current month.

Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday.

PLATTS WINDOW

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

NEWS

The Organization of the Petroleum Exporting Countries (OPEC) said on Friday that the joint ministerial monitoring committee (JMMC), scheduled to convene on Monday, does not hold decision-making authority over production levels.
Source: Reuters