Urals diffs unchanged, Lukoil to stop exports via BTC in Dec amid oil embargo

30 nov 202220:10 UTC

Urals crude oil differentials were unchanged on Wednesday, while Russia's Lukoil is expected to stop oil supplies via Baku-Tbilisi-Ceyhan (BTC) pipeline from December amid EU oil embargo, Reuters sources said on Wednesday.

Russia's Lukoil will stop exports from its Caspian oilfields via BTC pipeline from December due to Western sanctions and divert them to the Caspian Pipeline Consortium (CPC) system, four sources with knowledge of the matter told Reuters.
CPC said on Tuesday that it had completed repairs on its single point mooring-2 (SPM-2), which has made all three SPMs in the terminal operational and allowed to increase exports in December.
Black Sea CPC Blend crude oil exports were set at 5.88 million tonnes for December, up from 5.42 million tonnes in the revised November plan.

PLATTS WINDOW

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

NEWS

Owners of the Transalpine Pipeline (TAL) shipping crude from the Mediterranean to central Europe approved a plan on Wednesday to upgrade the link, which is key for the Czech Republic to wean itself off Russian oil, the Czech Finance Ministry said.
Italy is trying to get U.S. authorities to reassure Italian banks they are not at risk of fines for breaching sanctions against Moscow if they help a Lukoil-owned refinery LKOH buy non-Russian oil and remain afloat, sources said.