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Med crude-Urals differentials steady, CPC Blend down in a deal
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Med crude-Urals differentials steady, CPC Blend down in a deal
Jan 21, 2025 10:09 AM

MOSCOW, Jan 21 (Reuters) - Urals crude differentials to

dated Brent were stable on Tuesday, while discounts for CPC

Blend crude oil widened to dated Brent after a deal during an

afternoon trading session in the Platts window, traders said.

Black Sea CPC Blend oil exports via the Caspian Pipeline

Consortium (CPC) system in February are set to drop to 1.42

million barrels per day (bpd), or 5.1 million metric tons, from

1.43 million bpd in the January plan, two sources familiar with

the matter told Reuters.

Meanwhile, the current plan for February might be increased

amid the restoration of oil output on the giant Tengiz oil

field, traders said.

At the same time CPC Blend oil was under pressure from

competitive oil grades in the European market, while discounts

to dated Brent also widened due to market structure, traders

added.

PLATTS WINDOW

* ExxonMobil ( XOM ) bought 94,000 metric tons of CPC Blend loading

on

Feb. 13-17 at dated Brent minus $3.45 per barrel, much lower

than the recent grade's estimates.

* No bids or offers were shown for Urals and Azeri BTC in

the

Platts window on Tuesday.

NEWS

* India expects its purchase of U.S. energy products to

increase

after President Donald Trump's announcement to maximise U.S. oil

and gas production, said Oil Minister Hardeep Singh Puri in a

meeting on Tuesday.

* Indian refiners Mangalore Refinery and Petrochemical Ltd

(MRPL)

and Bharat Petroleum Corp Ltd (BPCL) issued

tenders this week seeking crude oil, trade sources said on

Tuesday, after harsher U.S. sanctions disrupted Russian supply.

(Reporting by Reuters)

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