Med Crude-Urals, Azeri weaken in Med, Baltic stronger

LONDON, Oct 2 (Reuters) - Russian Urals and Azeri Light crude grades weakened further in the Mediterranean on Tuesday due to what traders said was plentiful supplies while Urals levels strengthened a notch in the Baltic after a slide in previous days.

In the Platts window, Eni bought an 80,000-tonne Oct 14-18 cargo in the Mediterranean from Vitol at dated Brent minus $1.80, some 20 cents weaker than prices earlier this week, traders said.

That was the lowest level since mid-June when the grade rallied due to the introduction of an EU-wide embargo on Iranian oil.

Also in the Mediterranean, BP bought an Oct 19-23 Azeri Light cargo from Socar at dated Brent plus $2.05, some 45 cents weaker than offers on Monday.

In the Baltic, Urals strengthened on Tuesday, having significantly weakened over the past week.

In the Platts window, Statoil bought an Oct 16-20 Urals cargo from Gunvor at dated Brent minus $1.70, some 20 cents stronger than on Monday, traders said.

Outside the window, Russian oil producers Rosneft and Surgut were understood to have placed cargoes also at stronger levels.

Rosneft was believed to have placed all four cargoes from Primorsk for Oct 19-24 delivery with a European major, possibly Total.

Total was also believed to have won one cargo from Surgut, while another cargo was believed to have been won by Repsol with prices pegged at around dated Brent minus $1.60.

"Total has probably amassed a pretty big position in the north," one trader said.

Surgut also tendered to sell three cargoes from Primorsk loading Oct 21-27 and one 80,000-tonne cargo from Novorossiisk loading Oct 21-22. The latter cargo had not featured in the earlier loading schedules. The tender results are due on Wednesday.

Oil projects, led by foreign majors under production sharing agreements (PSA), propelled Russian crude output, already the world's largest, to a new post-Soviet record high in September, Energy Ministry data showed on Tuesday.

Russia's oil output edged up 0.3 percent in September compared with August to reach 10.41 million barrels per day (bpd).

Russian pipeline monopoly Transneft will raise transportation fees by 5.5 percent from October, the first increase this year.

Russian and Kazakh oil exports via the Caspian Pipeline Consortium (CPC) increased by 11.5 percent in September, month-on-month, CPC said on Tuesday.

In Kazakhstan, U.S. oil major ConocoPhillips

will

exit the consortium developing Kashagan oilfield, Kazakh officials said, giving the state first option on increasing ownership of the huge deposit.

Iraq's Finance Ministry has begun paying an initial $650 million to Iraqi Kurdistan for oil companies working in the autonomous region, the deputy prime minister said on Tuesday.

Iraqi oil production is likely to hit 3.4 million barrels per day (bpd) while exports are expected to average 2.9 million bpd next year, the top energy adviser to the Iraqi prime minister said on Tuesday.

(Reporting by Dmitry Zhdannikov and Gleb Gorodyankin; editing by James Jukwey)

((dmitri.zhdannikov@thomsonreuters.com)(+44 207 542 38 13))

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Keywords: MARKETS MEDITERRANEAN/CRUDE