April 13, 2018 / 5:23 PM / in 5 months

W. Africa Crude-Angolan cargoes trade, Total wins IOC tender

LONDON, April 13 (Reuters) - Angola’s state oil company Sonangol has sold out of its May-loading cargoes, while Indian buyers purchased West African crude.

ANGOLA

* Sonangol sold its three remaining May cargoes, traders said.

* China’s Unipec purchased the Dalia it was offering, while another Chinese buyer took the Sangos. Sources said the Saturno likely went to a trade house.

* Sonangol had lowered its offers levels several times, last showing the Dalia at a $1.50 per barrel discount to dated Brent, the Sangos at minus 90 cents and the Saturno to minus $1.50.

* Roughly a dozen cargoes remained available from the May loading plan, traders said, with the June export plan due early next week.

NIGERIA

* Indian refiner Reliance purchased two cargoes of Nigerian oil, one Usan and one Qua Iboe, traders said.

* A source said Total had sold the cargoes, but confirmation was not immediately available.

* Total, Shell and other oil companies have been offering cargoes, traders said, but many potential buyers said the differentials remained too high for them.

* Bonga was offered as high as $1.90 per barrel above dated Brent, Bonny Light in a range from $1.60-$1.90 per barrel and Agbami at 60 cent premiums.

TENDERS

* Total placed a VLCC with 2 million barrels of oil into India’s IOC, which tendered to purchase several millions of barrels loading in June and July.

* The grades in the award were not immediately clear, nor was it clear if there were other winners.

* Indian refiner MRPL opted for a non-West African grade in its tender to buy 600,000 barrels for June 1-15 loading. One trader said they had instead purchased Latin American crude.

* Indonesia’s Pertamina was also running a tender to buy 600,000 barrels of May-loading oil.

RELATED NEWS

* OPEC and its allies appear to have accomplished their mission of reducing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the market could become too tight if supply remains restrained.

* The IEA also said it expects China to increase the pace of purchases for its strategic petroleum reserve this year, and that trade disputes with U.S. could give this renewed impetus. (Reporting by Libby George. Editing by Jane Merriman) ))

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