OREANDA-NEWS. February 11, 2015. Russian Urals crude was steady in the Baltic and the Mediterranean on Tuesday as London's IP Week drew many traders away from their desks, though swap values for the balance of the month weakened slightly.

No bids, offers or trades were seen in the Platts window, leaving the Baltic assessed around dated Brent minus \\$1.25 a barrel, while the swap for the balance of the month slipped to \\$1.30 below the benchmark, down 20 cents from the previous session.

The March swap traded at \\$1.30 below dated Brent, dealers said. There was no activity seen in the Mediterranean, leaving differentials close to parity to dated Brent. Swaps for the balance of the month were seen around 40 cents below the benchmark on Monday.

Differentials have taken some support from stronger refining margins and tighter supplies in the south. Refiners in the Mediterranean cracking Urals stood to make almost \\$5.50 a barrel over the past five days, according to Reuters models, more than double the level for the past year. Margins have been supported by upcoming maintenance.

Speaking at IP Week in London, Igor Sechin, the head of Russia's largest oil producer Rosneft, criticised OPEC's policy of not cutting output to defend prices and said the United States law barring crude oil exports was a "protectionist" measure that distorted markets.

Lighter grades have taken some support from supply and export disruptions in Libya, but on Tuesday the North African country reopened its port of Hariga, ending a strike by guards that threatened to further cut the OPEC country's petroleum production.