London — New cargoes were added to Angola’s preliminary June programme, which was the smallest in over a decade due to maintenance issues. The Mostarda grade comes from the newly operational Kaombo Sul offshore field.
* Three cargoes of Mostarda were heard to have been added to Angola’s preliminary June programme, two for Total and one for China’s Unipec.
* U.S. sanctions on Iran and Venezuela have helped push up demand for medium-heavy crude grades that are well-suited to be refined into middle distillates.
* Some buyers are still reluctant to meet high offers despite the gap in the market, as uncertainty lingers over Iranian flows while market structure also remains unsupportive.
* Less than 20 cargoes of Nigerian crude remain for May loading, as high offers for main grades have come down amid abundant global supply of light sweet grades.
* Nigeria’s NNPC said it hopes to double its oil output to 4 million barrels per day and triple its refining capacity to 1.5 (bpd) by 2025.
TENDERS
* India’s IOC issued a tender for one cargo loading June 4-13.
RELATED NEWS
* Oil prices fell on Friday as the market retreated from its strongest bull run in at least a year amid efforts to resume Russian oil flows that were interrupted by contamination.
* Nigeria and Saudi Arabia plan to draft a memorandum of understanding on an oil and gas partnership that could lead to the construction of a new refinery and investments in liquefied natural gas, Nigeria’s petroleum ministry said on Friday.
Also Read: Nigerian manufacturers pay $3 over approved international gas price
https://sweetcrudereports.com/2019/05/nigerian-manufacturers-pay-3-over-approved-international-gas-price/
* Two cargoes of U.S. crude oil have been booked to sail to Australia, trade sources and data companies said, highlighting the increasing global reach of exports from the United States.
- Reuters