W. Africa Crude-Pertamina buys Angolan crude but diffs under pressure

Kitco Media
By Reuters
Published:
Updated:
Reuters
LONDON, March 14 (Reuters) - Indonesia's Pertamina filled its latest buy tender with Angolan crude but differentials for Angolan and Nigerian crude were pressured by slow buying from China and Europe.


* Pertamina awarded a tender for oil arriving in May to Eni for a cargo of Angolan Olombendo crude, traders said.
* Still, up to 10 cargoes of Angolan crude loading in April remain unsold days before May-loading export plans are due to be issued.
* Traders attributed the lacklustre sales to Chinese buying which has yet to rebound to pre-pandemic highs despite brisk buying earlier in the trading cycle.
* Lower offers for competing Azeri Light crude have helped push Nigerian differentials down around 50 cents in the last week for some grades, according to traders.
* The proximity of Azeri supplies to Europe along with a French refining strike were denting West African flows to the continent, they added.


RELATED NEWS
* The first phase of Angola's new 60,000 barrel a day Cabinda refinery is expected to produce its maiden products mid-2024, as the Ukraine war and global increase in refining projects hits costs and procurement, the plant's chief executive said on Tuesday.
* OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left the global total steady citing potential downside risks for world growth. (Reporting by Noah Browning; Editing by Josie Kao)


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