off-the-wire

Med crude-Urals differentials steady, Russia to maintain oil exports despite output cuts

Kitco Media
By Reuters
Published:
Updated:
Reuters
MOSCOW, March 24 (Reuters) - Urals crude oil differentials were stable on Friday, while Russia's plan to cut refinery runs in April will allow the state to maintain crude exports despite previously announced output cuts.
* Russia's offline primary oil refining capacity will rise by 425,000-455,000 barrels per day (bpd) in April compared to February-March, close to the 500,000 bpd output cut indicted by the state for the March to June period, data and Reuters calculations showed.
* Loading plans for Russia's Western ports for the full month of April were slow to emerge on Friday.
* Oil flows from the Black Sea port of Novorossiisk were steady as weather conditions improved. Urals, KEBCO and Siberian Light loadings from the port caught up with the initial lifting schedule for March, Reuters sources said. PLATTS WINDOW
* No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Friday, traders said. NEWS


* Oil prices settled lower on Friday as European banking shares fell and after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects. (Reporting by Reuters; Editing by Kirsten Donovan)

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