W. Africa Crude-Price rises run out of steam as Libya ramps up output

Published 29/10/2020, 18:17
© Reuters.
SHEL
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LONDON, Oct 29 (Reuters) - Demand for West African grades
was running out of steam on Thursday with prices hitting a peak
as refiners shift their gaze to rising Libyan production.

* Around a dozen Angolan cargoes were still left on offer.
Eni was offering a cargo of Cabinda at around dated Brent plus
$1.10 and BP another Cabinda at plus $1.40 a barrel.
* BP was offering Forcados at dated Brent plus 55 cents.
* Exxon was offering Qua Iboe at dated Brent plus 40 cents a
barrel.

RELATED NEWS
* Royal Dutch Shell RDSa.L on Thursday raised its dividend
after easily beating quarterly profit forecasts and CEO Ben van
Beurden said the group's oil output probably peaked in 2019 as
he spearheads a transition to low-carbon energy. * Libyan oil production has reached 680,000 barrels per day
(bpd), a Libyan oil source told Reuters on Thursday, more than a
third higher than earlier this month, as the OPEC member seeks
to revive its oil industry.

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