LONDON, Jan 11 (Reuters) - Offers for West African crude,
especially Angolan, continued to slip on Monday amid tepid buyer
interest and various tenders.
* A backwardated market structure, high futures prices and
poor refining margins were weighing on demand, especially in
East Asia.
* Spot prices for crude from other regions was deemed
preferable, with sales up from the Middle East and North Sea.
* Sonangol had yet to sell its three spot cargoes, with
prices marked down by about 30 cents each compared with offers
late last week. Dalia was being offered for dated Brent plus
$1.20 and cargoes of Girassol and Olombendo at plus $1.70 each.
* Perenco awarded Trafigura a cargo of Gabonese Mandji
loading in late February while China's Unipec was awarded two
cargoes of Congolese Djeno.
* India's IOC awarded Vitol a cargo of Nigerian Akpo in a
buy tender for loading in late February.
* South Africa's Sasol had issued a buy tender for crude for
February loading and early March delivery to Durban, due to
close on Tuesday.
* Pertamina was running another two buy tenders for crude
for late February and early March arrival, set to close on
Tuesday, after closing two tenders in the middle of last week.
* Taiwan's Formosa was also running a tender for
March-loading crude, with the tender's close imminent.
RELATED NEWS
* Saudi Arabia's voluntary oil production cut is expected to
bring the market into deficit for most of 2021 even as new
lockdowns to contain the spread of the coronavirus batter oil
demand, analysts say. * The International Energy Agency (IEA) on Monday warned
that global emissions hollowed out by the COVID-19 pandemic are
set to rebound in 2021 unless governments take swift policy
action.