Tuesday , 20 March 2018

W. Africa Crude: Total wins IOC tender, more Angolan trades

Two million more barrels of West African oil are expected to sail to India as part of an IOC tender, while China’s Unipec booked an Angolan and Congolese cargo.

According to him, Angolan crude oil cargoes continued to move on Thursday, leaving 10 or fewer left for March loading.

It stated that: ‘’While sellers of some heavier grades, such as Dalia, had to discount their differentials to move them, buyers had emerged. China’s Unipec bought a cargo of Pazflor and Congo’s Djeno from Total, traders said. Total had also sold a Girassol but the buyer’s identity was unclear.

‘’Western buyer appetite for Angolan crude had helped to replace somewhat weaker eastern demand. As many as two of the cargoes sold by Angola’s Sonangal were sailing to the United States while two to three are likely to land in the Mediterranean, sources said.

‘’Nigerian cargoes remained in good demand, though the sentiment behind firming differentials to Brent was dented somewhat by falling distillate margins. Total won a tender to supply India’s IOC with oil loading April 1-10. The company was likely to supply a 2 million barrel VLCC, but the grades included were not immediately clear.

‘’Results of a tender from Indonesia’s Pertamina for oil to be delivered in May/June were expected on Friday.’’




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