Angola’s new export schedules are due to be released as a relatively high overhang of cargoes from July still awaits sale.
Up to 10 cargoes of Angolan crude oil remain to be sold in July. Export schedules for August are due to be published imminently, with traders expecting volumes to again be slimmed down from usual to comply with an OPEC+ supply cut agreement.
Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.
Traders said the move, partly due to a recent increase to official selling prices, would likely not help clear larger-than-normal overhangs of heavier West African oil because the Saudi grades are sour and the African ones sweet.
Differentials for Angolan and Nigerian crude largely held steady, traders said, as the market awaited the outcome of several pending tenders and potential buyers awaited price reductions due to persistently poor refining margins.