W. Africa Crude-Angola July exports set to be lower than in June

Published 18/05/2020, 17:18
© Reuters.

LONDON, May 18 (Reuters) - Angola's preliminary export
schedule for July shows it is trimming the number of cargoes it
plans to sell compared with June.

* Angola is set to export 37 crude oil cargoes in July for
a daily rate of about 1.1 million barrels, in line with its
output cut pledge in an OPEC+ production deal. * India's IOC has re-issued a tender set to close on May 19
for West African crude loading on June 18-30.
* Traders are looking to the tender for clarity on spot
prices as differentials in West African oil grades and the
Mediterranean have edged up since the beginning of the month.
* Sellers of Nigerian oil expressed optimism that resumed
mobility amid the easing of lockdowns would boost gasoline
demand amid a slowdown in global refining in May.
* Those factors could lead to a jump in differentials for
light, sweet crudes but European traders said there was no
immediate sign of higher sale prices as volatile markets and
long voyage times made the value of African oil unpredictable.
* Offers for Nigerian Egina have jumped to dated Brent plus
$2.50 after lingering at dated Brent flat, but it remains
unclear whether any buyers were found.

RELATED NEWS
* OPEC+ has cut its oil exports sharply in the first half of
May, companies that track the shipments said, suggesting a
strong start in complying with a new production cut agreement.
* Total has called off a plan to acquire Occidental
Petroleum's assets in Ghana, which was conditional on the
completion of the acquisition of Occidental's other assets in
Algeria, the French energy company said on Monday. * A recovery in fuel demand in India gathered momentum in
the first half of May versus April as curbs on transport and
industrial activity were partly lifted in areas that have
contained the spread of coronavirus, data showed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.