LONDON, Oct 25 (Reuters) - Crude exports from West Africa to
East Asia were set to roughly match those of previous months,
although U.S. sanctions on a top Chinese shipping fleet, which
were imposed on Sept. 24 sending freight costs soaring, will
likely impact November more.
NIGERIA
* Far Eastern countries were set to import 45.2 million
barrels of West African oil, down just 3 million from the
previous month and in line with much of the rest of 2019.
* Traders said the impact of the freight cost price spike
would affect November-loading cargoes more, but as transport
costs, especially for VLCCs, ease the crisis may soon abate.
* Backwardation and middling refining margins have impeded
West African flows to Asia since the beginning of the summer.
* West African crude loading in October bound for Europe at
31.1 million barrels was the second-lowest of any month this
year, however, as margins especially for gasoline eased.
* A trader said Nigeria's Erha stream, which usually
produces 5-6 cargoes, was down for maintenance and therefore
lacked a December loading programme.
* Stockpiles of low-sulphur marine fuels held in floating
storage around the Singapore area are steadily growing ahead of
IMO 2020 shipping rules. * Angola's November export schedule was down to one or two
cargoes at most, traders said, as Mostarda continued to struggle
for buyer interest but even heavy sweet Dalia sold slowly.
RELATED NEWS
* Saudi Arabia held its position as China's largest crude
oil supplier in September helped by demand from new refineries
and as imports from Iran and Venezuela continued to fall due to
U.S. sanctions, customs data showed on Friday. * Energy group Eni ENI.MI achieved its highest ever oil
and gas production rate for a third quarter, softening the blow
of lower quarterly earnings because of weak oil and gas prices.
* The U.S. Treasury Department on Thursday issued a nearly
two-month waiver for companies to wind down transactions with a
Chinese tanker company it sanctioned last month for allegedly
transporting Iranian oil.