MOSCOW: Urals crude was offered at lower differentials in the Mediterranean on Tuesday, while its levels in northwest Europe were supported by active interest from Shell, trade sources said.
In the Platts window Shell bought 100,000 tonnes of Urals from Total for loading from Primorsk or Ust-Luga on August 23-27 at a discount of $1.99 a barrel to dated Brent, in line with the latest levels for the grade in the Baltic. Shell will lift at least nine Urals cargoes in the Baltic in August, according to Reuters data and trade sources.
In the Mediterranean OMV was showing 80,000 tonnes of Urals on August 22-26 at dated Brent minus $1.45 a barel, without selling. On Monday Urals differentials in the south were seen some 20 cents a barrel higher. Russia's oil output edged up in July to 10.85 million barrels per day (bpd) thanks to increases at some of the country's biggest producers, Energy Ministry data showed on Tuesday. Russian oil pipeline monopoly Transneft has resumed pumping oil via a pipeline from Azerbaijan's capital Baku to Russia's Black Sea port of Novorossiisk, RIA news agency cited a Transneft official as saying on Tuesday.
Transneft stopped oil supplies to Novorossiisk on Monday after an earthquake hit a district in Azerbaijan. In lighter grades, a cargo of Azeri Light for loading late in August changed hands outside the Platts window on Monday at dated Brent plus $2.10-$2.15 a barrel, up by some 20-35 cents a barrel from the last trades. There was no activity in Azeri Light, Siberian Light and CPC Blend on Tuesday, they added.
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