Urals crude differentials to dated Brent held steady on Friday, while premiums for Azeri BTC eased further on offer in the afternoon trading window as demand remained weak, traders said.

The European Union on Friday agreed an 18th package of sanctions against Russia, including measures aimed at dealing further blows to the Russian oil and energy industry.

The EU will impose a moving price cap on Russian crude at 15% below its average market price, EU diplomats said. That means roughly $47.60 per barrel at present, well below the $60 cap that the Group of Seven major economies have tried to impose since December 2022.

Greek tanker operators shipping approved Russian oil exports are expected to continue doing so despite a new wave of tougher sanctions by the European Union that will further tighten restrictions, shipping sources said on Friday.

PLATTS WINDOW

SOCAR offered two cargoes of 650,000 barrels each of Azeri BTC loading on Aug. 10-14 at plus $1.55, traders said. That was some $1.00 per barrel below recent estimates.

No bids or offers were made for Urals or CPC Blend in the Platts window on Friday.

NEWS

Here are the details of the European Union’s 18th package of sanctions against Russia over its war in Ukraine, approved on Friday and aimed at dealing further blows to Russia’s oil and energy industry.
Source: Reuters