BTC Blend crude exports steady in June

Market: Crude oil
07/05/20

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

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