LONDON, Feb 10 (Reuters) - Chinese buyers were on track
to make March-loading Angolan crude one of the fastest selling
trading cycles in many months on Friday as eased lockdown curbs
jump-started demand.
* At least 5 March-loading cargoes of Angolan crude remained
unsold, ahead of export plans for April due late next week.
* China's Unipec, which in recent months repeatedly offered
to resell cargoes from the region in the Platt's window, had
scooped up several March-loading cargoes on top of its term
allocations and those of other Chinese buyers.
* Monthly loadings of Angolan oil have seldom sold out
before the issuance of the next month's loading programmes since
the start of the pandemic, with top customer China maintaining
the strictest COVID-19 curbs in the world.
* Still, traders described Chinese buying as not on par with
some of the faster selling months before 2020, suggesting
reliable high demand had yet to return.
* Vitol again had yet to find a buyer for a cargo of Angolan
Dalia - a partial cargo offered on a delivered basis.
* Loading issues persisted on Nigeria's Bonny Light and
Brass River streams, traders said.
RELATED NEWS
* Oil may resume its rally in 2023 as Chinese demand
recovers and lack of investment limits growth in supply, OPEC
country officials told Reuters, with a growing number seeing a
possible return to $100 a barrel.
* Russia will cut oil production by 500,000 barrels per day,
or around 5% of output in March, Deputy Prime Minister Alexander
Novak said on Friday, after the West imposed price caps on
Russian oil and oil products.
(Reporting by Noah Browning; Editing by Kirsten Donovan)
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