Urals diffs stable as EU embargo, oil price cap start

Urals crude differentials to dated Brent kept stable as an EU embargo on Moscow's seaborne crude imports and a price cap on Russian oil came into force on Monday.

• Russian Urals and Siberian Light oil exports from the Black Sea port of Novorossiisk were set to fall to 0.58 million tonnes for Dec. 1-10, from 0.66 million tonnes for Nov. 1-10.

• The Black Sea CPC Blend oil loading plan was revised up to 5.996 million tonnes for December from 5.88 million tonnes in the preliminary plan, a schedule seen by Reuters showed.

• Russia's ESPO oil blend from the Far Eastern port of Kozmino was selling for around $79 a barrel in Asian markets on Monday - almost a third higher than the price cap imposed on Russian oil by the G7 and European Union.

PLATTS WINDOW

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

NEWS

• The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude.

• Romania's Petrotel Lukoil refinery, owned by Russia's Lukoil has found alternative fuel supplies and its petrol stations will not be affected by a ban on Russian imports.

• Russia has decided sell crude oil to Pakistan at a discounted price, Pakistan's minister for petroleum said on Monday.