W. Africa Crude-Unipec Angolan offers steady, spot sales elusive

Published 27/08/2020, 17:05
© Reuters.

LONDON, Aug 27 (Reuters) - China's Unipec offered the
cargoes of Angolan crude it was allocated on a term basis on the
Platts window for the third day in a row, attracting limited
interest.

* The rare move by Unipec comes as a sign of scarce demand
from China and the broader market.
* Such offers rarely result in a sale and usually coincide
with especially slow trades of Angolan oil that tend to lead to
reduced offers for spot cargoes.
* Unipec again offered a cargo of Mostarda at dated Brent
minus 15 cents, Plutonio at dated Brent plus 15 cents and Sangos
at dated Brent plus 5 cents.
* The cargo of Mostarda was believed to have sold to a
commodities trading house at around dated Brent minus 40 cents.
* Nigerian offers remained largely steady amid muted
trading, with an unusually high number of Qua Iboe cargoes yet
to find a buyer.

RELATED NEWS
* Africa's second-biggest oil exporter, Angola, has unveiled
a 2020-2025 energy roadmap which foresees oil discoveries of up
to 57 billion barrels of crude oil and 27 trillion cubic feet of
gas, state news agency ANGOP reported. * Refineries in Nigeria, Africa's top oil exporter,
processed almost no crude oil in the 13 months to end June,
according to the latest data published by the Nigerian National
Petroleum Corporation (NNPC) on Thursday.

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