Angola’s crude oil exports are expected to fall to 1.51mb/d in March, a loading program showed mid-January. The total monthly volume is actually higher than February at 46.9m barrels but the greater number of days in March trims the barrel-per-day figure, Reuters reported.
Early January, state oil company Sonangol sold two cargoes, a Cabinda and a Saturno, after lowering offer levels, though neither the buyers nor the agreed prices were immediately clear, Business Day informed.
Additionally, Total was still offering an Angolan February-loading cargo of Girassol on a delivered basis, but the programme was otherwise largely sold out. Girassol was valued at discounts to dated Brent. There were no offers from the freshly issued March programme as term barrels still needed to be allocated.
Hoever, around 20 cargoes in Nigeria were still available from the February program. ExxonMobil was offering a cargo of Qua Iboe loading mid-February at dated Brent plus $0.70 a barrel, but recent deals were said to have been done at dated Brent plus $0.50 a barrel or lower.