W. AFRICA CRUDE-ANGOLAN EXPORTS SET TO RISE, FREIGHT PAIN EASES

KENYA GOVERNMENT PARTNER OIL FIRMS TO DEVELOP 80,000 BARRELS PER DAY CRUDE OIL FACILITY

Angolan crude exports will rise Significantly in December as the Girassol field has resumed production following maintenance last month, traders said.

Preliminary programmes showed Angola is set to export 44 cargoes in December, up from a final programme of 38 in November. The export plan excluded the Saxi field, which traders said was likely down due to maintenance.

A supertanker owned by COSCO Shipping Tankers received a temporary waiver from U.S. sanctions, allowing the ship to discharge crude oil in Singapore and Brunei.

The sanctions caused freight rates to spike and confused market participants, especially those dealing in oil already underway inside sanctioned ships.

The exception made for the VLCC Coswisdom Lake has led traders to believe other one-off waivers may be forthcoming.

Freight rates for shipping West African oil to Europe have eased, from world scale 275 to 230 according to a European importer.

Prices for some Nigerian grades have dipped to dated Brent negative, highly unusual for those types of crude best suited for refining into profitable products like gasoline.

Total sold a cargo of light sweet Nigerian Amenam to Cepsa while Sahara was offering another cargo of the grade – both likely negative compared to dated Brent.

Cepsa’s snapping up of several lighter Nigerian grades in the last week was due partly to having commissioned time charter vessels in advance, scoring cheaper freight on free-on-board rates than paying on a spot basis.

India’s HPCL has issued a buy tender, for three VLCCs of crude loading in the first quarter of next year, set to close on Friday.

Reuters

 

 

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