W. Africa Crude-Angolan allocations slow to emerge

PUBLISHED: Thu, 25 Mar 2021 17:30:29 GMT
Share

LONDON, March 25 (Reuters) – Angola’s state oil firm, Sonangol, had not yet allocated its May cargoes on Thursday, with traders expecting all cargoes to go to term customers.

* Sonangol usually keeps a few cargoes to trade spot.

* Traders said the allocations delay was unusually long. They typically emerge within a few days of the programme. The May programme came out last week while an overhang of Angolan was slow to clear.

* Uruguay’s ANCAP was said to have bought a cargo of Nigerian Qua Iboe from Trafigura in its latest tender for mid-May arrival.

* China’s Unipec has sold some of the Angolan crude it has been offering for several weeks but still had Antan, Gindungo, Mostarda and Plutonio available.

* Two overhang cargoes of Angolan crude were sold to independent Chinese refiners. Equinor sold a March loading Hungo and BP sold a Mostarda.

RELATED NEWS

* Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 10%-15% from 5%-15% in May, one week ahead of an OPEC+ meeting, several sources with knowledge of the matter said on Thursday.

* An Italian judge accepted on Thursday a request filed by energy group Eni with prosecutors to pay 11.8 million euros ($14 million) to settle an investigation into oil permits in Congo Republic.

* Nigeria’s parliament may pass the long-delayed Petroleum Industry Bill (PIB) in April, the country’s minister of state for petroleum said on Thursday. The measure, which is 20 years in the making, underpins everything from oil exploration to gas pipelines and fuel regulation. (Reporting by Julia Payne; Editing by Steve Orlofsky) ))

Sign Up for Our Newsletter Daily Update

Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html