Urals crude differentials steady as Russia plans to cut oil exports

Urals crude differentials to dated Brent held steady on Wednesday, while Russia plans to cut crude oil exports from its western ports to around 1.9 million barrels a day in September from about two million bpd in August.

Shipments of Urals, KEBCO and Siberian Light grades from Primorsk, Ust-Luga and Novorossiisk are expected to fall by roughly six per cent month-on-month in daily terms, Reuters calculations showed.

Russia will deliver oil to Brunei via the Northern Sea Route for the first time this September, expanding its export reach through the strategic Arctic passage, two sources familiar with the shipping data told Reuters.

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

Croatian pipeline operator Janaf could fully cover the needs of the two refineries of Hungarian oil group MOL in Hungary and Slovakia that now mostly depend on Russian oil delivered via the Druzhba pipeline, Janaf's chief told Reuters.

Russia's total mineral extraction tax proceeds on crude oil for August production are set to rise by around 3.5 per cent to RUB600 billion ($7.42 billion), compared with RUB580 billion in July, Reuters calculations showed.

(Reporting by Reuters)