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Med crude-Urals diffs stable, Russian order slashes Kazakh oil export capacity
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Med crude-Urals diffs stable, Russian order slashes Kazakh oil export capacity
Apr 1, 2025 11:50 AM

MOSCOW, April 1 (Reuters) - Urals crude differentials

were steady on Tuesday, while Russia's order to halt oil

loadings from two mooring points at the Black Sea terminal of

the Caspian Pipeline Consortium (CPC) slashed Kazakh oil export

capacity amid an OPEC+ row.

Russia has ordered the Black Sea terminal handling

Kazakhstan's oil exports pumped by U.S. majors Chevron ( CVX )

and ExxonMobil ( XOM ) to close two of its three moorings amid a

standoff between Kazakhstan and OPEC+ over excess production.

The stoppage could more than halve CPC exports if it lasts

for longer than a week, trading sources told Reuters.

Kazakhstan's energy ministry said on Tuesday that oil

shipments via the Caspian Pipeline Consortium (CPC) are being

carried out normally without restrictions.

OPEC+ ministers from eight nations that are gradually

raising oil output will meet online on Thursday and are likely

to approve a further hike in production from May, sources from

the producer group told Reuters.

PLATTS WINDOW

* No bids or offers were shown for Urals, CPC Blend and

Azeri BTC

in the Platts window on Tuesday.

NEWS

* Kazakhstan's oil and condensate output reached a record

high in

March, with higher output from the giant Tengiz oilfield and

stable exports via the Caspian pipeline, further exceeding OPEC+

production quotas.

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