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PetroKazakhstan has asked the Kazakh energy ministry for permission to export more crude to Iran.
The Canadian producer wants to divert exports of its Kumkol crude away from the Aktau-Baku-Batumi route across the Caucasus, as a result of weak demand for light sweet crudes in the Mediterranean (see above). Kumkol differentials slid from a 80 cents/bl premium to dated BFO in early October to a discount of $2/bl this week. PetroKazakhstan may now load only one 30,000t cargo of Kumkol at Batumi in November, compared with around 100,000 t/month (24,300 b/d) normally, say traders.
"The Iranian route is getting interesting again, because discounts for other …