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Med crude-Urals diffs rise on soft freight rates, firmer prices in India
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Med crude-Urals diffs rise on soft freight rates, firmer prices in India
Dec 13, 2024 10:51 AM

MOSCOW, Dec 13 (Reuters) - Urals crude differentials to dated Brent rose amid soft

freight rates for Asia-bound cargoes and stronger prices for the grade in Indian ports, traders

said and Reuters calculations showed on Friday.

Output from Kazakhstan's biggest oil field Tengiz, operated by U.S. major Chevron ( CVX ), remained

20% below its scheduled plan on average in December, helping the country to comply with its

OPEC+ output target.

CPC Blend oil loading plan for January was yet to emerge, traders said.

PLATTS WINDOW

* No bids or offers were shown for Urals, Azeri BTC or CPC Blend in the Platts window on

Friday.

NEWS

* China's refined oil consumption peaked in 2023 at 399 million metric tons (7.98 million

barrels

per day) and is expected to fall 1.3% to 394 million tons in 2024, CNPC Economics & Technology

Research Institute said on Friday.

* The head of Gazprom Neft said on Friday that the OPEC+ decision to push back the start of

oil

output rises by three months until April was justified and has helped to avoid a market surplus,

Russian news agencies reported.

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