Mediterranean crude differentials stable, traders focus on CPC Blend

Mediterranean crude differentials to dated Brent were stable on Wednesday, as market participants switched focus to CPC Blend exports in September.

Traders are awaiting a September CPC Blend loading schedule in the coming days.

Two Aframax cargoes of CPC Blend recently traded around dated Brent minus $1.15/1.00 CIF Augusta, according to a trader with knowledge of the deals on Monday.

CPC Blend differentials have been supported by an earlier wave of buying from Asian importers, another source added.

A combined total of around four million barrels of CPC Blend will be delivered to India and South Korea in August, data from analytics firm Kpler show.

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

Dozens of tankers have joined the shadow fleet this year compared with hundreds in previous years as the harshest Western sanctions yet target Russia's oil exports and add to the difficulty of finding suitable vessels, shipping sources said.

World oil supply will rise more rapidly than expected this year and next as OPEC+ members further increase output and supply from outside the group grows, the International Energy Agency said on Wednesday.

A small fire ignited by debris from a destroyed drone was promptly doused at the Slavyansk oil refinery in Russia's region of Krasnodar, authorities said on Wednesday.

Gulf Keystone Petroleum has resumed production at the Shaikan oilfield in Iraq's semi-autonomous Kurdistan region, which was halted last month due to drone attacks in the area, the company said on Wednesday.

(Reporting by Robert Harvey; Editing by Shreya Biswas)