MOSCOW: Urals crude differentials in northwest Europe were seen slightly lower on Monday, as a rally in the Russian export blend ran out of steam, traders said.
In the Platts window Total was offering 100,000 tonnes of Urals crude for loading from Primorsk or Ust-Luga on Aug. 22-26 down to dated Brent minus $1.95 a barrel to dated Brent.
That was down by some 5-10 cents a barrel from the latest levels for the grade.
There was no activity in Urals in the Mediterranean, nor CPC Blend and Azeri Light in the Platts window, traders added.
CPC Blend exports in July rose to 3.766 million tonnes in July, up by 7 percent from June, Caspian Pipeline Consortium (CPC) data showed on Monday.
Azerbaijan state oil company SOCAR shipped 559,065 tonnes of oil via Russia in the seven months to the end of July, down from 845,757 tonnes in the same period last year.
Iraq's oil exports from its southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June, as the OPEC nation increased crude production, Iraqi oil officials said.
The southern region produces most of the OPEC member's crude oil.
The northern Kurdish regional government exports about 500,000 bpd through a pipeline to the Turkish port of Ceyhan, on the Mediterranean, but that is done independently of the central government in Baghdad which oversees crude sales from the south.
Libya's state oil company NOC said on Sunday it welcomed the "unconditional" reopening of blockaded oil ports following a deal between the UN-backed government and an armed force which controls key facilities, saying it would begin work to restart exports from the terminals.
NOC said the UN-backed Government of National Accord had released money allowing it to increase production by 150,000 barrels per day (bpd) within two weeks. NOC said it aims to gradually increase output to 900,000 bpd by the end of the year.
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