W. Africa Crude-IOC takes West African crude, Angolan volumes expected

  • Reuters
  • Commodities News
W. Africa Crude-IOC takes West African crude, Angolan volumes expected
Credit: © Reuters.

LONDON, March 16 (Reuters) - India's IOC took several West African crude grades in its latest tender and Angola's Sonangol had yet to issue its provisional export programme for May-loading crude.

* India's IOC bought 3 million barrels of West African crude in its latest tender, traders said: Nigerian Agbami and Qua Iboe as well as Cameroonian Kole, from Chevron (NYSE: CVX ), Total and Glencore (LON: GLEN ).

* Angola's State firm, Sonangol, sold a spot cargo of Mostarda to China's Unipec from around dated Brent minus $1.50, trading sources said.

* At the same time, Unipec has been seeking to sell its own cargo of Mostarda it received in a term allocation, offering it on the Platts window for dated Brent minus $1.

* Unipec last offered several other April-loading cargoes for sale on Monday, including Plutonio at dated Brent minus 60 cents and Saturno at minus $1. No offers were shown on Tuesday.

* The offers mark one of Unipec's most active attempts to re-sell cargoes on the Platts window in years, with draws on crude storage closer to home under way and Chinese refinery maintenance in full swing.

* Fewer than 10 cargoes were still left from Angola's April-loading programme.

* Rongsheng Petrochemical, the trading arm of Chinese private refiner Zhejiang Petrochemical, bought 5 million barrels of Mideast, not West African, crude May-June via a spot tender.

* Indonesia's Pertamina is seeking crude for May arrival via a tender which is set to close on Wednesday.


* U.S. refiners are scaling back on hiring ships for longer periods to save on costs in another sign of uncertainty over when global oil demand will return to pre-COVID-19 levels, shipping and trade sources say. Asian fuel exporters are hungrily eying Australia as the country's shutdown of almost all its refineries creates a bright demand spot amid otherwise coronavirus crimped markets.

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