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Med crude-Azeri Light diff declines on low buying interest

Med crude-Azeri Light diff declines on low buying interest

Reuters · 07/27/2022 12:54
Med crude-Azeri Light diff declines on low buying interest

- The differential for Azeri Light fell on Wednesday after an offer failed to elicit buying interest for a third session on the back of lower refining margins and more competition from Libyan oil.


  • Algeria's Saharan Blend was pegged at around dated Brent plus $3 a barrel, several traders said, though fresh deals were heard.

  • Greek refiner Hellenic issued a buy tender for Kazakh CPC Blend crude for early September arrival. The tender closes on Thursday.

  • In the Platts window, SOCAR returned for a third time this week offering a cargo of Azeri Light loading Aug. 13-17 cif Augusta down to dated Brent plus $5.15 a barrel.

  • The value of the grade has plunged as refining margins lose steam. SOCAR started the week valuing the cargo at over dated Brent plus $10 a barrel.


NEWS

  • Russia is likely to remain the dominant supplier of oil through the Kazakhstan-China pipeline even as Kazakhstan looks to diversify export routes, industry players say.

  • An Iranian-flagged tanker anchored off Piraeus port is expected this week to retrieve part of its cargo which was confiscated by the United States and sail back to Iran, following a Greek top court ruling, government sources said on Wednesday.


(Reporting by Julia Payne; Editing by Shinjini Ganguli)

((julia.payne@thomsonreuters.com; +44 207 542 1836;))