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ReutersReuters

Urals diffs stable, Russian oil price cap under discussion

Urals crude oil differentials remained stable again on Tuesday, while European governments struggle to agree on Russian oil price cap.

  • EU countries have so far failed to agree on what the price limit should be.

  • China is willing to forge a closer partnership with Russia on energy issues to ensure global energy security, President Xi Jinping said on Tuesday.

  • Moscow is seeking to bolster the recognition of Russian maritime cargo insurance to allow it to ship oil and related products abroad in the face of Western sanctions, a government official was quoted as saying on Tuesday.

  • The International Energy Agency expects Russian crude production to be curtailed by some 2 million barrels of oil per day by the end of the first quarter next year.

PLATTS WINDOW

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

NEWS

  • OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said.

  • The Caspian Pipeline Consortium (CPC) said on Tuesday that it had completed repairs on its single point mooring-2 (SPM-2).

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