LONDON, June 3 (Reuters) - Differentials for a variety of
Angolan crude grades were heard to have slid significantly from
initial offerings, leading to an uptick in Asian demand which
may help draw down an unusually high number of cargoes remaining
for July loading, traders said.
* East Asian buyers who had been reluctant to meet high
price offerings were heard to have resumed bidding for the
discounted cargoes, with over 15 remaining for July.
* A further easing of the Brent-Dubai spread DUB-EFS-1M on
Monday to around $2.85 buoyed the demand picture, more in line
with early May levels before a 2019 high of $4.30 on Thursday.
* A range of Angolan grades were heard to have been reduced
by 30 to 40 cents from their initial offerings.
* Crude stocks had been seen to be high at independent
Chinese refineries, and third quarter imports were said to be on
the wane. * Lighter Nigerian crude grades were still being offered at
high prices, however, with major grade Bonny Light indicated at
between $2.95 to a little over $3.00.
* Angola and Italy's Eni identified another deepwater oil
reserve estimated to contain between 300 and 400 million barrels
of light oil, their fifth discovery in Block 15/06.
TENDERS
* India's IOC issued a tender for a West African grade for
loading between august 1-10 due to close on Thursday.
RELATED NEWS
* Russian oil output fell to 11.11 million barrels per day
(bpd) in May, its lowest level since June 2018, from 11.23
million bpd in April. * Nigeria's Securities and Exchange Commission (SEC) has set
up an interim management team to oversee local oil company
Oando, the financial watchdog said on Sunday.