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.