Urals diffs steady, Russia's Sovcomflot transportation volumes fell 16% in 2024
Urals crude differentials to dated Brent were steady on Friday, while Russia's leading shipping company Sovcomflot said its transportation volumes fell by 16% in 2024 year on year.
Sovcomflot's transportation volumes were at 63 million metric tons last year, down by 16% on 2023, Russian news agency Interfax reported on Friday, citing the group's CEO Igor Tonkovidov.
The United States and the European Union imposed sanctions on state-controlled Sovcomflot and its fleet in 2024 in an effort to reduce Russia's revenue from oil sales it can use to finance its war in Ukraine. The company's net profit dropped by 55% to $424 million last year.
Russia's oil pipeline monopoly Transneft said on Friday its net income declined around 5% last year to 287.7 billion roubles ($3.4 billion) amid rising costs and taxes.
PLATTS WINDOW
No bids or offers were shown for Urals, CPC Blend and Azeri BTC in the Platts window on Friday.
NEWS
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