Latest News

CPC Blend Oil Differs Weaken amid Rising Risks

CPC Blend oil differentials declined on Wednesday following recent drone attacks on Greek-managed oil tankers as they travelled to the Caspian Pipeline Consortium's (CPC) terminal to reload oil. Market participants showed caution and traders confirmed this. On Wednesday, the Russian Foreign Ministry condemned drone attacks on oil tankers near terminals on its 'Black Sea coast' and accused Ukraine for attacking commercial ships. Kazakhstan on Wednesday called on the U.S., Europe and other countries to help secure oil transport after drone attacks on tankers heading for a Black Sea terminal on the Russian coast that handles 1% of the global supply.

The traders and shippers who are involved in the CPC Blend oil market have evaluated the risks. However, security concerns in the Black Sea began to 'pressure the grade's value, they said.

PLATTS WINDOW

* ExxonMobil made an offer of 120,000 tonne CPC Blend on February 10-14 for minus $0.40 per barrel. However, the offer failed to attract a buyer despite being 'weaker' than recent market estimates.

The traders reported that there were no bids or offers made for Urals and Azeri BTC on Wednesday.

OPEC data released on Wednesday showed that Russian oil production fell by 0.7% to 9,129 million barrels a day in 2013. Reporting by

(source: Reuters)