Russian oil major Lukoil and independent producer CenGeo have sent CPC blend to United Arab Emirates’ national oil company ADNOC, marking the first time ever the UAE has purchased the crude blend from Russia
In early August, Lukoil supplied 123,000 tonnes of CPC Blend oil on Delta Hellas tanker also to Ruwais terminal, although ADNOC has declined to comment on the purchase. CPC Blend is crude oil transported in the common stream via the Caspian Pipeline Consortium pipeline system. The UAE sometimes imports different grades for its refineries to optimize price differences.
Unlike Western countries, the UAE has not imposed sanctions against Russia. And beyond this, the U.S. Office of Foreign Assets Control has announced that CPC Blend oil was not subject to sanction limitations if it was of Kazakh origin though it did suggest that buyers of the blend seek certificates of origin. Moreover, the U.S. warning only applies to buyers which are observing sanctions.
Heavy trading in Dubai oil has lifted its premium to WTI crude to record levels, a development that experts say could make U.S. crude even more competitive in Asia. More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia hiked prices and shipping rates also climbed. Bloombergthat Dubai swaps were trading at a big premium to the U.S. benchmark West Texas Intermediate futures in Singapore.
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