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Urals diffs inch up in India amid need for June barrels

Posted to Maritime Reporter on May 25, 2024

Urals petroleum differentials firmed slightly to dated Brent in Indian ports in the middle of good demand for Juneloading barrels, traders said on Friday.

* Urals oil cargoes loading in the very first half of June traded at a. discount of $3.50 per barrel to dated Brent, slightly firmer. than May freights, which traded at a discount rate of $3.50-4 per. barrel versus dated Brent on provided ex ship (DES) basis in. Indian ports, traders said.

* India is the largest buyer of Urals oil freights provided. by sea. and a main market for the grade.

* Quite a great deal of freights filling in the 2nd half of June. were. available, traders included.

* Minimal supply of Urals oil expected in June also. supported the. grade's worths, traders stated. Russian oil exports stay. moderate due to high refinery runs and output curbs vowed to. OPEC+.

* For June, Russia's offline main oil refining. capacity. is seen declining from May by 41% to 1.936 million tons.

PLATTS WINDOW

* No bids or offers were produced Urals, CPC Blend or Azeri. BTC. crude in the Platts window on Friday.

NEWS

* Expanded sanctions on Russia and improved pressure on. countries. that Moscow thinks about friendly are injuring Russian firms' export. incomes and producing oil payment issues, the Bank of Russia. stated on Friday.

* Pipeline operators in Poland and Russia settled on a. service. that will allow Kazakh oil transit to Germany to continue,. eliminating a danger that it would drop in June, sources familiar. with the matter informed Reuters.

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