LONDON, April 20 (Reuters) - The number of crude oil cargoes
available for export from Angola in May eased on lacklustre
demand amid record low prices, traders said.
* Around 8-10 unsold cargoes of Angolan crude remained, a
sharp drop-off from early last week as buyers capitalized on
record low prices.
* The overhang is not far above those of previous months, as
stock build-ups in the East Asian market during the trading
cycle, which have since eased, provided some support.
* Term allocations for the new June export schedule were
still in the final stages.
* ENI continued to seek a buyer for a cargo of Angolan
Cabinda at dated Brent minus $6, traders said, with the eventual
sale price expected to be even lower.
* West African grades continued to especially suffer from
lockdowns arising from the coronavirus pandemic despite global
price drops and uncertainties as buyers avoided long-haul
voyages in favour of prompt oil purchases. * Around at least three dozen cargoes of Nigerian oil
loading in April and May unlikely to be absorbed by the refining
systems of oil majors still sought buyers, as June programmes
are due out this week.
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oil into storage tanks at almost double the rate in the first
quarter of this year than it did in the same period in 2019 as
the new coronavirus hit domestic consumption. * The Russian energy ministry has told domestic oil
producers to reduce oil output by around 20% from their average
February levels, two industry sources told Reuters on Monday
which would bring Moscow in line with its commitment under a
global deal.