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W. Africa Crude-Angolan diffs continue to fall

PUBLISHED: Tue, 30 Mar 2021 16:22:29 GMT

LONDON, March 30 (Reuters) – The differential for a key Angolan grade Girassol fell on Tuesday as European demand remained weak due to COVID-19 lockdowns while China looked to Iran for cheap barrels.

* Equinor offered a cargo of Angolan Girassol down to dated Brent minus 15 cents a barrel loading May 11-12 on a fob basis.

* Sonangol was still offering two cargoes on a spot basis for May – a cargo of Saturno loading May 18-19 at dated Brent plus $1.00 and a cargo of Cabinda loading May 8-9 at dated Brent plus 80 cents a barrel.

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* Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a source briefed on the matter said on Monday.

* China will receive another large influx of cheap Iranian oil in March passed off as crude from other origins, curbing the top importer’s appetite for crudes from other suppliers, according to traders and analysts. (Reporting by Julia Payne; Editing by Krishna Chandra Eluri) ))

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