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W. Africa Crude-Buyers await easing of Angolan offers

Thu, 05th Sep 2019 17:22

LONDON, Sept 5 (Reuters) - Asian and European buyerscontinued to show interest in Angolan oil as it sells brisklythis month, but remaining cargoes will need to be discounted tosell, according to some traders.

ANGOLA

* Around 15 cargoes of Angolan oil remain available forexport in October.

* Chinese buyers are on pace to buy much of Angola's supply,but state oil company Sonangol has lowered its offer for itslast remaining cargo for the month, a Dalia.

* Heavy sweet crudes remain sought after ahead of rulesmandating low-sulphur fuel oils, but steep backwardation and theall-time high differentials make South American, Middle Easternand Australian oil more affordable for the East.

* A cargo of Mostarda was being offered at dated Brent plus$1.30 and Mondo at dated Brent plus $2.45.

NIGERIA

* High volumes for October loading at the North Sea's newJohann Sverdrup field were causing traders to question some ofthe high offered prices for comparable Nigerian grades.

* Bonny Light and Qua Iboe continue to be offered for ashigh a premium of $3.00 compared to dated Brent.

* Ghanaian TEN and Jubilee were being offered at a premiumof $2.80 and $3.10 compared to dated Brent, respectively.

TENDERS

* India's IOC issued two tenders for loading Oct. 11-20 andNov. 1-10. Winner details had yet to emerge on Thursday.

* Indonesia's Pertamina issued a buy tender for light crudecargoes, including west Africa, for Nov. 1-19 delivery. Itcloses on Sept. 6 and remains valid until Sept. 10.

* Indonesia's Pertamina issued a second buy tender forcondensate cargoes for Dec. 1-5 delivery cargoes. It closes onSept. 6 and remains valid until Sept. 10.

* Both Uruguay's ANCAP and Astron Energy in South Africaissued tenders for crude exporting on October, though detailsdid not immediately emerge.

RELATED NEWS

* Exxon Mobil has agreed to sell its Norwegian oil and gasassets for up to $4 billion, in a move that marks the U.S.firm's exit from production in the country where it has operatedfor more than a century, sources said on Thursday.

* Sinochem Energy Technology Co Ltd, a subsidiary of stateoil and chemicals firm Sinochem Group, is in talks with RoyalDutch Shell and Macquarie Group to build an energy blockchainplatform, sources said.(Reporting by Noah Browning; editing by David Evans)))

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