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W. Africa Crude-Angolan sales slow, differentials steady

Saturday, 09 September 2023 | 00:00

Sales of Angolan October-loading cargoes look to have slowed in the past few days, while Nigerian crude differentials were steady on Friday.

About 12 Angolan cargoes are still available, a trader said, out of the 37 scheduled for loading in October. That suggests only one has sold in the past week.

A trader said he expected demand for the remaining cargoes to emerge later in the trading cycle. Many traders have been out of the market attending the APPEC conference held in Singapore on Sept 4-6.

Still, other traders and analysts have said China, a big Angolan crude buyer, is drawing on record inventories amassed earlier this year as refiners scale back purchases after OPEC+ supply cuts drove prices up.

Brent crude topped $90 a barrel this week for the first time this year in response to extended Saudi Arabian and Russian oil supply cuts.

On the Nigerian market, there was no indication of any change in differentials on Friday.
Source: Reuters (Reporting by Alex Lawler; Editing by Elaine Hardcastle)

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