Med crude-Urals diffs unchanged, CPC loading plan revision in focus

Reuters03-13

MOSCOW, March 13 (Reuters) - Urals crude differentials remained stable to dated Brent on Thursday amid low trading activity, while traders tried to figure out if the CPC Blend oil loading plan for March is to be revised following a promised cut by Kazakhstan.

Kazakhstan has yet to deliver its announced oil output and CPC Blend export cuts through the Caspian Pipeline Consortium (CPC).
Deputy Energy Minister Alibek Zhamauov said on Friday that Kazakhstan will strive to achieve the OPEC+ output quota of about 1.5 million barrels per day in March. The cut will result in lower CPC Blend oil exports.
Kazakh oil exports via the CPC pipeline remain in line with the initial loading plan of 6.7 million metric tons for March, traders said.
As March-loading CPC Blend oil cargoes were mostly placed traders worried that export cuts may lead to supply cancellations.

PLATTS WINDOW

No bids or offers were shown for Urals, Azeri BTC and CPC Blend in the Platts window on Thursday.

NEWS

Saudi Arabia's crude oil shipments to its biggest customer, China, are expected to drop to their lowest level in more than a year in April, trade sources said on Thursday, partly due to maintenance programmes at Chinese refineries owned by Sinopec.

(Reporting by Reuters)

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