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Med crude-Urals diffs drift sideways, Kazakhstan exceeded its OPEC+ output quota in February

ReutersMar 3, 2025 5:50 PM

- Urals crude differentials were steady on Monday in opaque market, while Kazakhstan exceeded its output quota of 1.468 million bpd within the OPEC+ group in February, according to the sources and Reuters calculations.

Kazakhstan raised crude oil and gas condensate production in February by 13% from January to a record high 2.12 million barrels per day.

A fire that broke out on Monday at the Ufimsky oil refinery, one of Russia's largest, was due to technical issues and has been extinguished, Russia's emergency ministry said, adding that the refinery had continued operations.

PLATTS WINDOW

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

NEWS

  • Iraq's Ministry of Oil said on Saturday it had invited global foreign companies operating under the Association of the Petroleum Industry of Kurdistan (APIKUR) umbrella, along with firms contracted by the Kurdistan Regional Government (KRG), to a meeting in Baghdad on March 4.

  • Libya plans its first bidding round for oil exploration in more than 17 years, Masoud Suleman, acting Chairman of the National Oil Corporation (NOC), announced in a televised address on Monday.

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