W. Africa Crude-Trading picks up on Chinese demand, tight market

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, Feb 1 (Reuters) - Sales of West African crude were brisk on Wednesday as Chinese buying picked up and a relatively tight market for lighter crude boosted Nigerian offers.
* Sonangol's last spot cargo, a Girassol, remained unsold after last being offered for dated Brent plus $1.70.
* Chevron last offered a March loading Cabinda at dated Brent plus $1.20 a barrel.
* Angola finalised its March export plans, removing one cargo from its preliminary list for a total of 29.
* Global tightness in light sweet crude helped to buoy high offers for Nigerian crude, but traders said sale prices would likely be lower with the key market Europe well supplied.
* OPEC oil output fell in January, a Reuters survey found, with Nigeria among the chief laggards.
* Loading issues continue to hamper exports from the Bonny Light and Brass River streams, traders said.
* Uruguay's ANCAP has a buy tender running for a March 26-30 arrival cargo. The tender closes on Feb. 2.


* Cameroon's SNH issued a sell tender for March loading cargoes of Lokele and Kole. The tender closes on Feb. 7.


RELATED NEWS
* U.S. exports of light sweet crude to China jumped to a five-month high, as the world's biggest crude importer boosted refining and as Europe's demand eased, market participants said.
* An OPEC+ panel endorsed the oil producer group's current output policy at a meeting on Wednesday, leaving production cuts agreed last year in place amid hopes of higher Chinese demand and uncertain prospects for Russian supply. (Reporting by Noah Browning; editing by Barbara Lewis)


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