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W. Africa Crude-Angolan diffs continue to slide

Published 01/04/2021, 13:18
Updated 01/04/2021, 13:24
© Reuters.

LONDON, April 1 (Reuters) - Differentials for Angolan crude
continued to fall, with sellers increasingly offering cargoes in
the Platts window to market their barrels to as wide an audience
as possible.

* Angolan oil has been depressed for the past month as big
buyer China has ramped up purchases of Iranian barrels and is
chugging through cheaper oil in storage.
* Europe is not mopping up the excess, owing to strict
lockdowns to contain a third wave of COVID-19 infections.
* China's Unipec offered a cargo of Hungo in the window down
to dated Brent minus $1.20, loading May 1-2.
* Unipec offered a cargo of Saturno down to dated Brent
minus $1.70, loading May 4-5.
* State company Sonangol reduced its offer on a cargo of
Saturno to dated Brent minus $1.50, loading May 18. The level is
down 50 cents from the start of the week.
* Equinor and Exxon offered Angolan crude earlier in the
week in the Platts window but had little success.
* South Africa's Sasol issued a buy tender, seeking crude
for May 24-25 delivery, closing April 6.
* India's IOC had a tender for West African crude loading
May 27 to June 5 but results did not emerge immediately.

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