November 8, 2019 / 4:56 PM / 14 days ago

W. Africa Crude-Flurry of spot cargoes sell as new IMO rules loom

    LONDON, Nov 8 (Reuters) - Angolan crude cargoes flew off the
shelf this week as refiners mopped up heavy, sweet oil that
produces high yields of fuel that will comply with new IMO rules
on shipping from January.
    
    * Relatively firm refining margins were helping to buoy the
market for light, sweet Nigerian
    * In the Mediterranean, light, sweet grades such as Saharan
Blend and Azeri Light were also propped up. Azeri Light in
particular has been selling at record highs despite the recent
drop in freight rates 
    * Less than 10 Angolan cargoes remain from the December
programme after a flurry of deals this week 
    * Total was said to have sold its cargoes of Girassol and
CLOV. Earlier this week, the major had been offering CLOV at
dated Brent plus $2.90, Mostarda at plus 90 cents, Girassol at
plus $3.10 and Pazflor at plus $2.30
    * Details on the buyers and final deal levels did not emerge
    * Equinor was said to have sold a cargo of Pazflor as well 
    * Total sold a cargo of Nigerian Bonny Light to Equinor and
a cargo of Olombendo
    
    TENDERS
    * Indian Oil Corp closed a buy tender for West African crude
loading Jan. 1-10. Vitol was said to be the winner though grade
details did not immediately emerge 
    * Turkey's Tupras bought a cargo of Bonny Light loading Dec.
10-11, delayed to 16-17, via tender from Vitol 
    
   

 (Reporting By Julia Payne; Editing by Kirsten Donovan and Jason
Neely)
  
 
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