W. Africa Crude-Angola trims export, trading muted

Published 17/08/2020, 17:08
© Reuters.

LONDON, Aug 17 (Reuters) - Angola's state oil company
Sonangol published preliminary plans for October while West
African spot trading remained quiet amid peak summer holiday
time.

* Angola will export 40 cargoes of crude oil in October
compared with 42 cargoes in the final September schedule.
* September cargoes had just about sold out by Monday, aided
by fast sales two weeks ago.
* Poor refining margins and market anticipation of
Mediterranean export volumes kept spot activity largely quiet.
* France's Total has restarted oil drilling in Angola and
new exploration ships will also soon resume work, the company's
country chair Olivier Jouny said in an interview on Monday.
* Offers for light sweet Nigerian crude remained steady at
dated Brent plus 50 cents as sellers count on robust European
road mobility data and short-term buying to buoy sales.

RELATED NEWS
* Australia's Woodside Petroleum has exercised its right to
match a $400 million offer by Russia's Lukoil to buy Cairn
Energy's entire stake in the Sangomar oil project in Senegal, it
said on Monday. * Compliance with OPEC+ oil output cuts is seen at around
97% in July, two OPEC+ sources told Reuters on Monday, two days
ahead of a meeting of key OPEC+ producers to review adherence
with their production pact as demand slowly recovers.

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