Lower April and May refinery runs and higher exports of Iraqi Kirkuk have left a glut of heavy and sour crude in the Mediterranean market. Russian medium sour Urals discounts to benchmark North Sea Dated have widened by more than 1/bl since mid-April. Sellers have been struggling to place cargoes, as refiners such as Italy's Saras and Api are carrying out maintenance, other refineries are cutting runs, and prompt supplies of competing crude are ample. Urals discounts to North Sea Dated have widened to more than 5/bl — the grade's steepest discount since August 2006.
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