August 16, 2017 / 1:15 PM / in 3 months

Angolan crude oil exports at 13-month high in Oct - revised programme

LONDON (Reuters) - Angola’s crude oil exports in October are set to hit a 13-month high of 1.7 million barrels per day (bpd), a revised programme showed on Wednesday.

The planned exports comprise 55 cargoes, up from 50 in September, and the highest bpd total since September last year.

An earlier loading plan had 56 cargoes, but one cargo was removed before the final dates were issued.

Industry sources said Angolan state oil company Sonangol is optimistic about maintaining strong differentials to dated Brent in October.

Booming refinery margins, firm demand in Asia and a slowdown in Venezuelan oil production helped September exports sell remarkably well, pushing some differentials to three-year highs.

Angola has complied strongly with pledged reductions under a supply-cutting deal coordinated by the Organization of the Petroleum Exporting Countries, even as Italy’s Eni began production in February at the 38,000-bpd East Pole field, which exports as Olombendo.

Earlier this year, Sonangol cut some cargoes from loading plans to boost compliance.

Under the deal with OPEC and other nations, Angola agreed to cut 78,000 bpd from a reference production level of 1.751 million bpd. The sources said various maintenance requirements on Angolan oilfields have ensured strong compliance thus far.

Grade Oct cargoes BPD Sept cargoes BPD

Cabinda 6 184,000 6 190,000

CLOV 5 161,000 5 167,000

Dalia 7 215,000 6 190,000

Girassol 4 129,000 4 133,000

Hungo 3 92,000 3 95,000

Kissanje 4 123,000 3 95,000

Mondo 2 61,000 2 63,000

Nemba 5 153,000 5 158,000

Pazflor 3 92,000 3 95,000

Plutonio 3 97,000 2 67,000

Saturno 5 153,000 5 158,000

Saxi 2 61,000 1 32,000

Sangos 2 61,000 3 95,000

Gimboa 1 31,000 0 0

Palanca 0 0 0 0

Olombendo 3 92,000 2 63,000

TOTAL 55 1,705,000 50 1,602,000

Reporting by Libby George; Editing by Dale Hudson and Adrian Croft

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