February 28, 2020 / 6:03 PM / in a month

Med crude-Urals diffs stable in muted trade

MOSCOW, Feb 28 (Reuters) - Urals crude oil differentials remained stable on Friday as trading activity was low.

More than 10 Urals cargoes loading from Russia’s Baltic ports in February were fixed to travel to Mediterranean, but now arbitrage shipments of the grade were closed due to weak demand for the grade in the south of Europe, traders said.

There was a low level of Urals cargoes for loading in March available in the market, especially for loading in the second half of the month, traders added.


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


Indian refiners Reliance Industries and Nayara Energy are planning to wind down purchases of Venezuelan oil in April fearing future U.S. sanctions could choke off all avenues to trade with state-run oil firm PDVSA, three sources with knowledge of the matter said.

Russian oil production, including gas condensate, stood at 11.29 million barrels per day (bpd) over Feb. 1-27, a source familiar with preliminary data told Reuters, as markets await news on whether Moscow will join OPEC in making further production cuts. (Reporting by Olga Yagova; editing by Louise eavens)

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