Med crude-Urals differentials steady, CPC expects lower exports in 2024
MOSCOW, May 29 (Reuters) -Urals crude oil differentials were stable to dated Brent on Wednesday, while Caspian Pipeline System (CPC) expects exports via its system to decline this year.
CPC, which exports crude oil from Kazakhstan via a Russian Black Sea terminal, expects its oil exports to fall 7% short of a preliminary target owing to lower loadings from a key field, Tengiz, it said on Wednesday.
CPC Blend oil exports are planned at 5.3 million metric tons for June.
Tengizchevroil, the Chevron-led Tengiz operator, undertook scheduled maintenance on one of six production trains at the Tengiz oilfield, resulting in a fall in oil output this month and a decline in CPC Blend exports.
PLATTS WINDOW
Trading firm Trafigura offered 90,000 metric tons of CPC Blend oil loading on June 19-23 at dated Brent minus $2.40 per barrel, firmer than recent estimates, but failed to find a buyer.
No bids or offers were made for Urals or Azeri BTC crude in the Platts window on Wednesday.
NEWS
Rising global oil inventories through April due to soft fuel demand may strengthen the case for OPEC+ producers to keep supply cuts in place when they meet on June 2, OPEC+ delegates and analysts say.
The growing shadow fleet of tankers transporting sanctioned Iranian, Venezuelan and Russian oil is filling up with the cheapest fuel available, hindering industry efforts to use cleaner fuel to cut shipping emissions, according to shipping data and sources.
Reporting by Reuters
Editing by Marguerita Choy
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