W. Africa Crude-Angolan cargoes struggle to find buyer interest

Published 26/02/2020, 17:56
© Reuters.  W. Africa Crude-Angolan cargoes struggle to find buyer interest

LONDON, Feb 26 (Reuters) - There was little buyer interest

for April loading Angolan cargoes as Chinese demand remained

elusive though other southeast Asian markets offered some hope.

* Angola's Sonangol had yet to find any buyers for four

April-loading cargoes, which it was offering at a varying range

of prices compared to differentials in recent months.

* Dalia crude oil was offered at dated Brent plus $1.05,

among the lowest offers in over a year

* Cabinda was offered for the relatively high level of

$3.50, Girassol at plus $3 and Sangos at plus 40 cents.

* Amid the coronavirus outbreak, demand in China remains

flat but traders saw an uptick in buying among other Southeast

Asian countries.

* Taiwan's CPC reportedly snapped up three Angolan cargoes

at around 50 cents below current offer levels and Thailand's PTT

bought a cargo of Nigerian Qua Iboe via a tender.

* The trades were aided by plunging freight rates, as

charter rates in general have fallen more than 80% as the

coronavirus outbreak hits major economies. * Despite little buying appetite for its domestic market,

China's Unipec snapped up the lion's share of gasoil cargoes

traded in Singapore this month likely for trade in markets as

far afield as Europe. NEWS

* Guyana's government on Wednesday launched a search for a

company to market its share of crude produced at the offshore

Liza well, where an Exxon Mobil Corp-led consortium began

producing oil in December. * Eastern Libya's foreign minister said on Wednesday that

his government, parallel to the internationally recognised

administration in Tripoli, could not force eastern tribesmen to

lift an oil blockade that he said was a "popular decision".

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