Med crude-Urals diffs steaу, Iraq asks Turkey to resume northern oil export pipeline

Kitco Media
By Reuters
Published:
Updated:
Reuters
MOSCOW, May 11 (Reuters) - Urals crude differentials were steady again on Thursday in quiet trade, while Iraq requested Turkey to restart flows via 450,000 barrels per day (bpd) Iraq-Turkey pipeline that have been shut in for almost seven weeks.


* Iraq's request to Turkish state energy company BOTAS came after traders buying crude from the Kurdistan region signed contracts with Iraq's state-owned crude marketer SOMO on Tuesday and Wednesday following weeks of discussions.
* The timing of the pipeline restart, however, remains uncertain.
* Russia's Deputy Energy Minister Pavel Sorokin held a call this month with Western analysts about country's oil production, trying to convince them that Russia had reduced output as targeted. PLATTS WINDOW
* No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Thursday, traders said. NEWS
* OPEC on Thursday further raised its forecast for Chinese oil demand growth in 2023 following the relaxation of the country's COVID-19 curbs.
* For Chinese independent refiners who have been avid buyers of cheap Russian crude in the aftermath of sanctions on Moscow, intermediaries have played a key role as the trade has switched from dollar settlement to China's yuan, industry sources said.
* FACTBOX - China's oil, commodities import from Russia. (Reporting by Reuters;)

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