LONDON, June 5 (Reuters) - Angolan crude continued to sell
well and traders said interest in Nigerian crude was set to rise
as the country faces pressure from fellow producers to rein in
output.
* Angola has cut the number of oil cargoes that it will ship
to Chinese state firms to pay down debt to Beijing as it seeks
to renegotiate repayment terms, sources said. * Therefore China's Unipec had no cargoes assigned to it in
July, down from the usual two or three.
* Angola's Sonangol was thus in possession of 8 cargoes,
three of which it recently assigned: a cargo of Cabinda to
India's IOC, CLOV to Galp and Nemba to India's MRPL.
* A cargo of Dalia sold recently, likely by Exxon Mobil for
export on July 6-7. Last offered at dated brent plus $1.30,
another cargo of Dalia set for export in the last part of July
was being offered for slightly higher.
* Differentials for heavier oil from Angola and Congo
remained strong as certain heavier oils were less abundant due
to OPEC+ cuts, despite a slight waning in Chinese buying.
* Northwest European gasoline stocks rose this week,
signalling a continuation of poor demand ahead for light
Nigerian oil.
* But a trader said pressure from OPEC+ on Nigeria to cut
its output could encourage demand for its oil which is already
on the market in vast volumes.
* Results had not yet emerged for two IOC tenders which were
set to close on Friday.
RELATED NEWS
* British oil major BP has agreed to discount the price of
the North Sea assets it is selling to Premier Oil, Premier said
on Friday. * OPEC and its allies led by Russia will meet on Saturday to
discuss extending record oil production cuts and to push
laggards such as Iraq and Nigeria to comply with existing curbs.