Lagos — Up to 20 cargoes remained for August loading, Reuters reports.
Cargoes of certain major grades were struggling to sell July and September loadings amid reduced U.S. demand and plenty of competition in Europe from North Sea varieties.
The Forcados stream has especially struggled, though along with several Angolan grades, it stands to encounter higher interest in coming months on new marine fuel rules in 2020.
Reuters also reports that Angola’s September export programme was due to be finalised on Friday as ongoing maintenance continued to delay loading at the offshore Saturno field.
State oil company Sonangol was finalising its September programme on Friday, with a preliminary plan to export 44 cargoes plus one deferred from last month — a number set to possibly go down by a couple cargoes.
The deferral and the reduction revolve around maintenance at the Saturno field which has lasted for more than two weeks and delayed loading.
Sonangol has sold out of the four cargoes allocated to it for spot delivery.
Differentials were up on improved Asian margins, eased market backwardation and favourable freight rates.
Chinese independent oil refiners are snapping up crude cargoes from Angola as well as Russia, Oman and Brazil for delivery in September-October as they ramp up operations after refining margins turned positive in July.