A Sovcomflot tanker Sovcomflot
Tankers

Urals crude steady as Kazakhstan’s largest oil field fails to hit capacity

Reuters

Urals crude differentials to dated Brent held steady after a sharp drop on Monday, while oil output at Kazakhstan's biggest oilfield, Tengiz, remains below its production capacity, trade and industry sources told Reuters on Tuesday.

Tengiz is likely to have restored less than half of its normal production by February 7 as it slowly recovers from a fire and power outage.

The Caspian Pipeline Consortium (CPC) has berthed a second tanker at its recently repaired single point mooring (SPM-3) at its Black Sea terminal, resuming stable oil loadings at capacity.

Russia's crude oil exports from its western ports are expected to decline in February compared to January, as domestic refinery runs increase and fewer plants undergo scheduled maintenance.

No bids or offers were made on Tuesday for Urals, Azeri BTC and CPC Blend, traders said.

Indian Oil Corporation, the country's largest refiner, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports.

(Reporting by Reuters)