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Oil loadings in western Russian ports to fall in August

The differentials between Brent and Urals crude were not much different on Friday. However, the falling oil loads from Russia's western port in August helped to support this grade.

The daily Russian oil exports to the ports of Primorsk (Ust-Luga), Novorossiisk and Ust-Luga are expected to reach around 1,77 million barrels a day in August. This is down from 1.93 millions bpd as planned in July, due in part, because of the anticipated increase in refinery runs.

The daily oil loadings in these ports, including Urals and Kazakh KEBCO as well as Siberian Light grades of oil will decrease by 8% from the current month.

Four sources familiar with the situation said that the Russian-backed Indian refiner Nayara Energy named a new CEO after the previous one resigned due to sanctions imposed by the European Union against the company.

PLATTS WINDOW

On Friday, no bids or offers for Urals BTC, Azeri BTC Blend or CPC blend were made in the Platts Window.

* The Organization of the Petroleum Exporting Countries said that the Joint Ministerial Monitoring Committee (JMMC), which is scheduled to meet on Monday, has no decision-making power over production levels. Diane Craft (Reporting)

(source: Reuters)