More than half of Angola’s July-loading cargoes have been sold, a trader said on Friday.

About 13 cargoes of Angola’s July-loading cargoes are left, the trader said. The country is scheduled to export about 36 cargoes next month.

Earlier this week, traders said Sonangol sold a July-loading cargo of Cabinda to TotalEnergies at around dated Brent plus $2 a barrel, and a cargo of Dalia to BP at just under dated Brent flat.

Sellers of Angolan crude have also suggested Chinese demand is ramping up. However, one large buyer on Friday said: “We are not buying more than normal.”

Data on Friday showed that in China crude oil imports fell 8.7% in May from a year earlier, as refiners scaled back purchases amid heavy plant overhauls, subdued profit margins, and weak demand for refined oil products.
Source: Reuters (Reporting by Natalie Grover in London; Editing by Louise Heavens)