September 10, 2019 / 3:40 PM / 8 days ago

W. Africa Crude-Angolan, Congolese crude still awaits buyers

    LONDON, Sept 10 (Reuters) - Significant amounts of heavy
Angolan and Congolese crude oil remained to be sold in October
as East Asian markets appear increasingly interested in lighter
grades. 
        
    * Asian refiners are buying more light crude and trimming
purchases of heavier oils, as they tweak production to meet
rising demand for low-sulphur fuels in the shipping sector.
            
    * Steep backwardation was already making the journey for
traditionally sought-after heavy Angolan and Congolese grades
less cost effective for East Asian buyers.
    * Around 10 cargoes of Angolan oil remain available for
export in October along with about four out of nine of Congo's
cargoes of Djeno crude.
    * Nigerian Bonny Light was still being offered at a nearly
$3 premium compared with dated Brent, but sluggish European
gasoline cracks made one buyer say cargoes to the continent
probably would not trade at any more than $2.50 over.
    * In a sign of increased Asian interest lately, two VLCCs
carrying Nigerian Akpo and Egina crude are en route to China.
    * China took nearly 3 million barrels of Nigerian crude in
August, over three times the average monthly rate in 2019.
            
    TENDERS
    * Indonesia's Pertamina issued a buy tender for light crude
cargoes, including West Africa, for Nov. 1-19 delivery. It
closed on Friday and remains valid until Sept. 10.
    * Indonesia's Pertamina issued a second buy tender for
condensate cargoes for Dec. 1-5 delivery cargoes. It closed on
Friday and remains valid until Sept. 10.
    
    RELATED NEWS
    * India's Nayara Energy Ltd, part-owned by a consortium led
by Russian oil major Rosneft, said it is scouting for
ultra-heavy oil amid tightening supply following U.S. sanctions
against Iran and Venezuela.             
    * China National Petroleum Corp (CNPC), a leading buyer of
Venezuelan oil, will skip cargo loadings for a second month in
September as the state oil giant looks to avoid breaching U.S.
sanctions, two sources said.             

 (Reporting by Noah Browning; Editing by Lisa Shumaker)
  
 
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