MOSCOW: Urals crude differentials to dated Brent in the Mediterranean and northwest Europe were stable on Monday in a muted trading window despite a drop in Russian oil production after OPEC's deal to cap global crude output. Russia's oil and gas condensate output averaged 11.1 million barrels per day (bpd) from Jan. 1 to Jan. 8, two sources from the energy sector told Reuters on Monday, down from 11.21 million bpd in December.
Russian state oil company Rosneft and China's CNPC, meanwhile, have signed an agreement to increase by 70 million tonnes the amount of crude Rosneft will supply to China via Kazakhstan over from Jan. 1 this year to the end of 2023. There were no bids and offers for Urals and Azeri Light in the Platts window on Monday, traders said.
Chevron showed 85,000 tonnes of CPC Blend for Jan. 21-25 down to dated Brent minus $0.70 a barrel, but there were no takers. The offer was in line with the latest estimates for the grade.
Oil exports via the Caspian pipeline rose 3.6 percent to 44.3 million tonnes in 2016, data from the Caspian Pipeline Consortium (CPC) showed on Monday.
Loading of oil cargoes at the Russian Black Sea port of Novorossiisk has resumed after disruptions caused by stormy weather since Jan. 1, Russian oil pipeline monopoly Transneft said on Monday.
Azeri oil exports through the Baku-Tbilisi-Ceyhan (BTC) pipeline via Georgia and Turkey rose 1.3 percent last year to total 28.86 million tonnes, state energy company SOCAR said on Monday.
Azerbaijan's state oil company SOCAR plans to increase its shipments via Russia to 1.5 million tonnes in 2017 from 1.21 million tonnes last year, a source at SOCAR said.
Oil exports from Iraq's southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said on Monday.
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