Med Crude-Urals diffs steady despite top-ups to April loading schedule

MOSCOW: Urals crude differentials to dated Brent in northwest Europe and the Mediterranean held steady on Monday despite top-ups to Russia's export schedule for April, trading sources said.

Oil loadings from Russia's Baltic Sea ports will rise to 6.8 million tonnes in April after Rosneft increased it planned exports of Urals crude from Primorsk by 200,000 tonnes on April 25-26 and 27-28.

Azeri BTC oil loadings from the Turkish port of Ceyhan in May will rise to 20.15 million barrels from 18.2 million barrels set for April.

PLATTS WINDOW

Trafigura offered 100,000 tonnes of Baltic Urals for April 29-May 3 at plus $0.80 a barrel, but withdrew.

There were no bids or offers for Urals, Azeri BTC, CPC Blend and Siberian Light in the Mediterranean on Monday.

NEWS

Oil prices rose to a five-month high, driven by expectations for tighter global supply due to fighting in Libya, OPEC-led cuts and U.S. sanctions on Iran and Venezuela.

One of the key Russian officials to foster a supply pact with OPEC, Kirill Dmitriev, signalled on Monday that Russia wanted to raise oil output when it meets with OPEC in June because of improving market conditions and falling stockpiles.

Royal Dutch Shell confirmed labour strikes had started at its 404,000 barrel per day Pernis oil refinery in the Netherlands and that production would be affected.