The pace of Angolan cargo sales is slow versus the preceding month, and differentials are under pressure, hurt by weaker demand from key customer China, traders said on Friday.

There are around 19 January-loading Angolan cargoes left from the roughly 37 on offer for the month, two traders said, which is a lot left over for this stage of the trading cycle.

Angola’s January programme emerged in mid-November.

Slowing demand growth for the world’s biggest oil importer comes amid what remains an uncertain outlook for the Chinese economy and as travel patterns normalise following the post-COVID rebound earlier in the year.

Meanwhile, Africa’s largest oil producer Nigeria has been struggling to offload its oil as well. The country is still has roughly 19 December-loading cargoes left, with its January programme emerging earlier this week.
Source: Reuters (Reporting by Natalie Grover in London; Editing by Kirsten Donovan)