Med crude-Urals diffs steady in quiet trade, OPEC+ output set to rise in July

Reuters
06-03
Med crude-Urals diffs steady in quiet trade, OPEC+ output set to rise in July

MOSCOW, June 2 (Reuters) - Russian Urals crude oil differentials to dated Brent held steady again on Monday in quiet trade after eight OPEC+ members decided on Saturday to raise output by 411,000 barrels per day (bpd) in July, the third straight month of the same increase.

Saudi Arabia and Russia had to reach a difficult compromise on OPEC+ policies on Saturday as Riyadh pushed to accelerate oil output increases while Moscow argued for a pause, four OPEC+ sources with knowledge of the talks said.

PLATTS WINDOW

  • No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Monday.

NEWS

  • Kazakhstan's oil production fell 4% in May from April due to lower production from the Tengiz oilfield, but remained above the OPEC+ quota, according to an industry source familiar with the statistics, and Reuters calculations.

  • Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields.

(Reporting by Reuters; Editing by Alan Barona)

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