LONDON, Oct 31 (Reuters) - As freight rates from West Africa
more rapidly approach normal levels especially for Westward
shipping, price offerings for major grades are settling just
below the highs of several months ago - providing clarity to
traders that had eased sales.
NIGERIA
* Freight rates are falling more sharply this week than
last, as fallout from U.S. sanctions on a main Chinese shipping
fleet abates but continues to dominate trading calculations.
* Rates for a Suezmax Nigerian Bonny Light crude to
Rotterdam were estimated by Refinitiv at around $2.20 a barrel,
still well up from a year average around $1.30.
* The easing has buoyed seller confidence and pushed offers
of Bonny in excess of a premium of $2 compared to dated Brent,
back in line with some of the lower offers earlier in the year.
ANGOLA
* Over 20 Angolan cargoes were said to be still available
for export in December, in more robust trading than November.
* Offers for Girassol were back up around the 2019 highs of
$2.90, though heavier, sweeter Dalia -- generally more popular
this year -- was being offered about 50 cents less than average
asking prices this year of about $2.50 above dated Brent.
* Freight for a VLCC of Girassol to China was estimated at
around $3.69 per barrel, easing more slowly compared to some
other export routes out of West Africa.
RELATED NEWS
* OPEC oil output has bounced in October from an eight-year
low as a rapid recovery in Saudi Arabian production from attacks
on oil plants more than offset losses in Ecuador and voluntary
curbs under a supply pact, a Reuters survey found. * The Nigerian government has fast-tracked a law that would
render billions in planned offshore oil investments unprofitable
and cut nearly 30% from potential offshore output, an industry
group said.