Med crude-Urals diffs steady in quiet trade, OPEC+ output set to rise in July
MOSCOW, June 2 (Reuters) - Russian Urals crude oil differentials to dated Brent held steady again on Monday in quiet trade after eight OPEC+ members decided on Saturday to raise output by 411,000 barrels per day (bpd) in July, the third straight month of the same increase.
Saudi Arabia and Russia had to reach a difficult compromise on OPEC+ policies on Saturday as Riyadh pushed to accelerate oil output increases while Moscow argued for a pause, four OPEC+ sources with knowledge of the talks said.
PLATTS WINDOW
No bids or offers were made for Urals, Azeri BTC or CPC Blend in the Platts window on Monday.
NEWS
Kazakhstan's oil production fell 4% in May from April due to lower production from the Tengiz oilfield, but remained above the OPEC+ quota, according to an industry source familiar with the statistics, and Reuters calculations.
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields.
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