XM does not provide services to residents of the United States of America.

Med crude-Urals differentials steady, CPC expects lower exports in 2024

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Med crude-Urals differentials steady, CPC expects lower exports in 2024</title></head><body>

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.


  • 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.


  • 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


Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.