LONDON- The price of Kazakhstan's CPC Blend crude oil dropped to a record low as global refineries rein in operations and favour grades with lower yields of gasoline and jet fuel.
Japan's Inpex sold an April loading cargo of the light grade this week at a discount between $9 and $10 a barrel to benchmark dated Brent, traders with knowledge of the matter said. Kazakhstan's KMG also sold a cargo this week at similar levels, the traders said.
Kazakhstan was due to export 5.64 million tonnes, or 1.47 million barrels per day, of crude in April.
(Reporting by Julia Payne in London and Olga Yagova in Moscow Editing by David Goodman ) ((julia.payne@thomsonreuters.com; +44 207 542 1836;))
