W. Africa Crude-Asian demand keeps offers high

Published 02/11/2020, 17:57
Updated 02/11/2020, 18:00
© Reuters.

LONDON, Nov 2 (Reuters) - Elevated Chinese import quotas for
2021 and robust Indian refining kept price offers for West
African crude largely steady and relatively high on Monday.

* China, the world's top crude oil importer, will raise its
non-state crude oil import quota for 2021 by 20% year on year to
243 million tonnes, with the first batch of the quota to be
issued to qualified companies before Dec. 31 * Price offers for Angolan crude were steady, with Cabinda
offered at a little more than dated Brent plus $1 and Girassol
at a little above $1.50 over dated Brent.
* State oil company Sonangol has sold its relatively small
handful of December-loading spot cargoes.
* Perenco awarded its sell tender for a cargo of Congolese
Djeno crude loading Dec. 23-24 to China's Unipec, though price
details did not emerge.
* India's October gasoline and gasoil sales exceeded
pre-coronavirus levels, preliminary data for October showed.
* The robust demand has helped to buoy prices for Nigerian
crude while Europe enters further lockdowns in an effort to
contain the COVID-19 pandemic.
* However, traders said offers for light, sweet Nigerian
crude had eased somewhat since last week and demand is higher
for medium to heavy grades.


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