BTC Blend crude exports steady in June
Exports of Azeri light sweet BTC Blend crude are scheduled at 545,000 b/d in June, unchanged from this month's plan, according to a loading programme issued today. It is just below Azerbaijan's 554,000 b/d production quota under the first phase of the new Opec+ output restraint agreement.
The June export schedule shows state-owned Socar — the primary seller of BTC Blend — loading just 400,000 b/d, down by 11pc from the May programme. BP — which operates the Azeri-Chirag-Guneshli (ACG) group of fields — will load 65,000 b/d in June, after loading no cargoes in May.
Hungarian integrated oil firm Mol makes its first appearance in a BTC Blend export programme, having completed a deal to buy Chevron's 9.6pc stake in ACG for $1.6bn last month. It is scheduled to load one 600,000 bl BTC Blend cargo towards the end of June.
Turkey's TPAO and Japan's Inpex will load one 600,000 bl cargo each next month, unchanged from the May schedule. ExxonMobil, which was absent from the May programme, will also load a 600,000 bl cargo in June, while Norway's state-controlled Equinor will load no volumes.
Azeri crude values have rallied as the May trade-cycle draws to a close. Earlier this week, Socar awarded a mini-tender offering a 650,000 bl cargo for loading in the second half of May at a premium of around $2.70-2.80/bl to the North Sea Dated benchmark. That was followed by Equinor offloading a 600,000 bl parcel for 28-30 May loading close to an asking price of $2.90/bl above the benchmark. Socar has since been heard offering remaining May supplies at above $3/bl premiums to Dated, on a delivered Italy basis.
By Santiago Katz
source: Argus Media
Related News
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
