Med crude-CPC Blend diffs ease, Urals crude oil loadings from Baltic Sea’s Ust-Luga resume

CPC Blend crude differentials eased on Monday after production at Libya’s Sharara oilfield restarted, while oil loadings from Russia’s port of Ust-Luga resumed on Monday after weather-related disruptions and a fire at nearby Novatek’s complex.

Russian energy company Novatek said on Sunday it had been forced to suspend some operations at a huge Baltic Sea fuel export terminal due to a fire started by what Ukrainian media said was a drone attack.

Libya’s National Oil Corporation (NOC) declared on Sunday the lifting of force majeure and the resumption of full production from Al-Sharara oilfield, an NOC official told Reuters.

Russia plans to keep February oil exports from its western sea ports little changed from January, but winter weather and refinery maintenance may lead to a revision of the schedule, two industry sources familiar with the plans told Reuters.

PLATTS WINDOW

BP offered 94,000 tonnes of CPC Blend over Feb. 11-15 at dated Brent minus $3.00 per barrel without finding a buyer.

Total offered 90,000 tonnes of CPC Blend for loading between Feb. 7 and 11 at dated Brent minus S2.95 per barrel, but nobody was interested.

There were no bids or offers for Azeri BTC or Urals oil in the Platts window on Monday.

Russia leapfrogged Saudi Arabia to become China’s top crude oil supplier in 2023, data showed on Saturday, as the world’s biggest crude importer defied Western sanctions to purchase vast quantities of discounted Russian oil for its processing plants.
Source: Reuters (Reporting by Reuters; Editing by Hugh Lawson)