W. Africa Crude-Reduced offers aid sales, Asian buyers quiet

Published 12/02/2020, 17:52
Updated 12/02/2020, 17:54
© Reuters. W. Africa Crude-Reduced offers aid sales, Asian buyers quiet

LONDON, Feb 12 (Reuters) - Congolese Djeno began to clear

amid sharply reduced offers as trading stayed quiet due to the

virus outbreak in China and buyers' hopes for interest elsewhere

in Asia fizzled.

* China's Unipec and Angola's Sonangol were still seeking

buyers for a handful of Angolan cargoes for March export as new

programmes were set to emerge early next week.

* The cargo of Angolan Pazflor crude Unipec sold this week

is bound for a U.S. buyer.

* Spain's Repsol purchased a cargo of Congolese Djeno

offered by Perenco this week, and only a few cargoes of the

once-prized grade are still on offer, with recent sale prices

estimated at the low price of dated Brent minus $0.50-1.00.

* As Chinese buying has largely stopped, traders viewed

Europe as the likely outlet for the relative glut of both heavy

and light oil from West Africa.

* Traders initially pinned hopes on India and Indonesia as

the China coronavirus erupted but some now believe their buying

for March-loading cargoes is largely complete.

* Asia's market for very low-sulphur fuel oil has retreated

from record highs early last month, as demand crumbles under

seasonal factors while supply expectations improve. * India's IOC issued a buy tender for crude loading April

11-20, but results did not immediately emerge.

* Indonesia's Pertamina issued a buy tender for crude

cargoes for May 1-3 delivery. The tender closes on Wednesday

with bids valid until Friday.

RELATED NEWS

* OPEC cut its forecast for global growth in oil demand this

year due to the virus and said output fell sharply in January as

producers implemented a new supply-limiting pact. * The world's top oil exporter Saudi Arabia has reduced

crude supplies to some Asian buyers in March after refiners cut

output following the outbreak and for regular maintenance,

sources said.

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