W. Africa Crude-Angolan cargoes sell, tenders issued

Published 26/10/2020, 17:57
© Reuters.

LONDON, Oct 26 (Reuters) - Angolan crude cargoes were
selling fast as India's IOC issued new buy tenders, with West
African differentials firming on increased Asian demand.

* Angolan crude was in greater demand compared to this time
last trading cycle, as Chinese port traffic clearances and
economic resilience was seen sucking up much of this month's
relatively low volume.
* A cargo of Dalia crude was sold to a Chinese buyer for a
little under dated Brent plus $1.
* The sale cleared Angolan state oil company Sonangol's
December spot crude offerings, in another relatively swift
turnaround for a second straight month.
* India's IOC issued a new tender for two cargoes of crude
for which West African grades are eligible, for mid-December
loading and closing on Wednesday.
* Offers for light, sweet Nigerian crude continue to firm,
with Bonny Light and Qua Iboe being offered for above dated
Brent plus 30 cents.

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* OPEC's secretary general said on Monday an oil market
recovery may take longer than hoped as coronavirus inflections
rise around the world, and OPEC and its allies would "stay the
course" in balancing the market. * Libya's National Oil Corp (NOC) on Monday ended force
majeure on the last facilities closed by an eight-month blockade
of oil exports by eastern forces as it pushes to restore
production of one million barrels per day (bpd) within four
weeks.

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