W. Africa Crude-IOC takes West African crude, Angolan volumes expected

Published 16/03/2021, 17:31
© Reuters.

LONDON, March 16 (Reuters) - India's IOC took several West
African crude grades in its latest tender and Angola's Sonangol
had yet to issue its provisional export programme for
May-loading crude.

* India's IOC bought 3 million barrels of West African crude
in its latest tender, traders said: Nigerian Agbami and Qua Iboe
as well as Cameroonian Kole, from Chevron, Total and Glencore.
* Angola's State firm, Sonangol, sold a spot cargo of
Mostarda to China's Unipec from around dated Brent minus $1.50,
trading sources said.
* At the same time, Unipec has been seeking to sell its own
cargo of Mostarda it received in a term allocation, offering it
on the Platts window for dated Brent minus $1.
* Unipec last offered several other April-loading cargoes
for sale on Monday, including Plutonio at dated Brent minus 60
cents and Saturno at minus $1. No offers were shown on Tuesday.
* The offers mark one of Unipec's most active attempts to
re-sell cargoes on the Platts window in years, with draws on
crude storage closer to home under way and Chinese refinery
maintenance in full swing.
* Fewer than 10 cargoes were still left from Angola's
April-loading programme.
* Rongsheng Petrochemical, the trading arm of Chinese
private refiner Zhejiang Petrochemical, bought 5 million barrels
of Mideast, not West African, crude May-June via a spot tender.
* Indonesia's Pertamina is seeking crude for May arrival via
a tender which is set to close on Wednesday.

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* U.S. refiners are scaling back on hiring ships for longer
periods to save on costs in another sign of uncertainty over
when global oil demand will return to pre-COVID-19 levels,
shipping and trade sources say. * Asian fuel exporters are hungrily eying Australia as the
country's shutdown of almost all its refineries creates a bright
demand spot amid otherwise coronavirus crimped markets.

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