Med crude-Urals diffs stable, Russian order slashes Kazakh oil export capacity

MOSCOW, April 1 (Reuters) - Urals crude differentials were steady on Tuesday, while Russia's order to halt oil loadings from two mooring points at the Black Sea terminal of the Caspian Pipeline Consortium (CPC) slashed Kazakh oil export capacity amid an OPEC+ row.

Russia has ordered the Black Sea terminal handling Kazakhstan's oil exports pumped by U.S. majors Chevron CVX.N and ExxonMobil XOM.N to close two of its three moorings amid a standoff between Kazakhstan and OPEC+ over excess production.

The stoppage could more than halve CPC exports if it lasts for longer than a week, trading sources told Reuters.

Kazakhstan's energy ministry said on Tuesday that oil shipments via the Caspian Pipeline Consortium (CPC) are being carried out normally without restrictions.

OPEC+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters.

PLATTS WINDOW

• No bids or offers were shown for Urals, CPC Blend and Azeri BTC in the Platts window on Tuesday.

NEWS

• Kazakhstan's oil and condensate output reached a record high in March, with higher output from the giant Tengiz oilfield and stable exports via the Caspian pipeline, further exceeding OPEC+ production quotas.