November 22, 2019 / 4:59 PM / 14 days ago

W. Africa Crude-Angolan term allocations, Nigerian programmes emerge

    LONDON, Nov 22 (Reuters) - Angolan state oil company
Sonangol had almost completed its term allocations for January
exports, traders said, while Nigerian programmes for the same
month began to emerge.
    
    ANGOLA
    * Sonangol had assigned 11 of its planned 43 cargoes for
export in January.
    * China's Sinochem was assigned 7 cargoes, Unipec 2 and
India's IOC 2, with Sonangol retaining two cargoes of Olombendo
and Dalia.
    * Dalia and Girassol were set to be offered at above dated
Brent plus $3.00, in line with relatively high asking prices at
the start of most trading cycles.
    * Freight rates for a VLCC eastward inched up to stand at
around Worldscale 100, a disincentive for buyers.
    * Demand for some Middle East crudes in Asian markets was on
the rise as Brent crude's premium to Dubai DUB-EFS-1M has
widened by about 80 cents a barrel on average from last month.
    * Despite plunging demand for high-sulphur fuel oil, cheaper
heavy sour oils are in demand from some complex Asian refineries
which can refine them more easily into gasoline and gasoil, and
produce less diesel than some West African grades.             
    * But price offers for Russian sour Urals crude have
plummeted as cargo holders struggled to find buyers amid weak
margins and backwardation.
    
    NIGERIA
    * Nigeria is set to export 215,000 barrels per day (bpd) of
Qua Iboe crude oil in January, unchanged from December volumes.
    * Other January programmes are expected imminently.
    * Around 12 to 15 cargoes of Nigerian crude remain for
export in December, among one of the lowest supply overhangs so
far this year as selling prices and demand have shot up.
        
    TENDERS
    * Traders awaited results of two tenders from the Indian Oil
Corp, one for crude loading in the last 10 days of January and
another for cargoes loading at the end of December, which closed
on Thursday.
      
    RELATED NEWS
    * Nigeria's economic growth rose to an annual rate of 2.28%
in the three months to the end of September after the production
of its main export commodity, crude oil, rose to a more than
three-year high.             

 (Editing by Jan Harvey)
 
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