W. Africa Crude-Market hits brief price impasse

  • Reuters
  • Commodities News
W. Africa Crude-Market hits brief price impasse
Credit: © Reuters.

LONDON, Nov 30 (Reuters) - Spot activity was slow on Monday following a flurry of deals in the last few weeks, particularly for Angolan crude, after offer levels surpassed buyer interest.

* Weak freight rates, a narrower Dubai/Brent spread were also weighing on Asian demand.

* Exxon Mobil (NYSE: XOM ) was still offering a cargo of Angolan CLOV at dated Brent plus $2.40. Equinor was still said to be offering a cargo of Dalia.

* Oando sold a cargo of Nigerian Bonny light to Chevron (NYSE: CVX ) loading Jan. 17-18 at the end of last week, trading sources said.

* January-loading Bonny Light was being offered at the official selling price plus 80 cents. Exxon was offering Erha at dated Brent plus $1.50.

* Nigerian Brass River crude exports were still under force majeure, a trading source familiar with the matter said.

* South Africa's Sasol issued a buy tender for crude for early February arrival. The tender closes mid-week.

* Perenco and SNH were offering two cargoes of Cameroonian Kole crude via a tender closing this week.


* OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, Algeria's minister said on Monday. The Trump administration is poised to add China's top chipmaker SMIC 0981.HK and national offshore oil and gas producer CNOOC to a blacklist of alleged Chinese military companies, according to a document and sources, curbing their access to U.S. investors and escalating tensions with Beijing weeks before President-elect Joe Biden takes office.

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