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Crude was insulated from the wider defensive....>

OIL
OIL: Crude was insulated from the wider defensive feel to Asia-Pac trading, with
WTI +$0.70 and Brent +$0.40 or so at typing, building on Thursday's gains, with
the broader global production pact set to go into play today.
- Worries re: Iraqi compliance with the deal are already becoming apparent
(what's new?), with RTRS noting that "Baghdad has yet to agree with oil majors
about where the cuts will come from, industry sources said. Majors such as BP,
Exxon Mobil, Lukoil and Eni produce the lion's share of Iraq's output and have
so far resisted calls for cuts, prompting Iraqi officials to review options such
as asking the companies to bring forward field maintenance."
- Focus in another RTRS report fell on Russia, with the wire noting that
"Russia's Urals crude loading plan from Baltic ports in May has been revised up
by 0.4 million tonnes to 4.7 million tonnes as companies divert volumes from
domestic refineries to export markets amid sluggish fuel demand in Russia." This
came from RTRS discussions with traders.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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