W. Africa Crude-Traders reassess market after steep price decline

Published 06/03/2020, 17:59
Updated 06/03/2020, 18:00
© Reuters.  W. Africa Crude-Traders reassess market after steep price decline

LONDON, March 6 (Reuters) - Spot trade froze on Friday after

a meeting between OPEC and its allies failed to clinch the

steeper output cut OPEC had proposed or even an extension to

existing supply curbs.

* As the coronavirus spreads and its toll on global oil

demand is increasingly felt, traders said they were becoming

fearful that European refiners may also start to reduce runs

like in China.

* The steep decline in prices has also left traders

reassessing the market.

* Angola's state oil firm, Sonangol, was still offering a

cargo of Cabinda loading April 23 at dated Brent plus $3.20

after placing its three other spot cargoes.

* India's IOC awarded a buy tender for cargoes loading May

1-10 to Chevron, Vitol and Total. The total volume was around 5

million barrels but grade details did not immediately emerge.

* OPEC's plans for deep and prolonged oil cuts were derailed

on Friday as Russia, a member of the wider OPEC+ grouping,

refused to support the move arguing that it was too early to

predict the impact of the coronavirus outbreak on global energy

demand, sources told Reuters.

* The existing deal for output cuts will expire in March

with OPEC members and non-OPEC producers then in theory able to

pump at will in an already oversupplied market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.