home Latest News Med Crude-Urals diffs unchanged, CPC exports set to drop – Reuters Africa

Med Crude-Urals diffs unchanged, CPC exports set to drop – Reuters Africa

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MOSCOW, July 12 (Reuters) – Urals differentials were steady on Friday with no trades, while exports of CPC Blend set to a decline in August compared to July, a preliminary loading plan showed.

CPC Blend exports are set to fall to 5.33 million tonnes in August from 5.61 million tonnes in September, according to the preliminary plan obtained by Reuters.

The decline is due to planned maintenance on Tengiz oil field, traders said.

There were no bids or offers for Urals, CPC Blend or Azeri BTC crude oil in the Platts window on Friday, traders said.

NEWS

Surging U.S. oil output will outpace sluggish global demand and lead to a large stocks build around the world in the next nine months, the International Energy Agency (IEA) said on Friday.

Most U.S. refiners whose plants are in the path of Tropical Storm Barry took steps on Friday to keep them running, even as forecasters warned that the second named storm of the season could become a hurricane just before landfall this weekend.

Asia oil refining margins have more than tripled in the past three weeks to hit their highest since September 2017, Refinitiv data showed on Friday, after refiners cut output and tightened fuel supplies. (Reporting by Olga Yagova Editing by Edmund Blair)