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Urals are stable, but clarity is needed on the impact of new Western sanctions

The differential between dated Brent and Urals crude remained unchanged on Monday as buyers of both grades awaited clarity about the impact of new Western sanctions on Russian oil imports.

Last week, the European Union (EU), Britain and the U.S. imposed sanctions on Russia, including those affecting its two largest oil producers, Lukoil, and Rosneft.

The U.S. gave companies until November 21, 2011 to end their transactions with Russian oil producers.

Four sources familiar with the discussions said that OPEC+ is likely to increase output modestly in December as it continues with its monthly increases aimed at regaining market share.

PLATTS WINDOW

There were no bids or offers reported for Urals, Azeri BTC Blend or CPC blend crude in the Platts window.

Government data released on Monday showed that India's crude imports increased 1.7% from September to 19,93 million metric tonnes, the highest level since June. (Reporting from ;)

(source: Reuters)