Angolan crude has continued to sell well.
Angola has cut the number of oil cargoes that it will ship to Chinese state firms to pay down debt to Beijing as it seeks
to renegotiate repayment terms, sources said.
Therefore China’s Unipec had no cargoes assigned to it in July, down from the usual two or three. Angola’s Sonangol was thus in possession of 8 cargoes, three of which it recently assigned: a cargo of Cabinda to
India’s IOC, CLOV to Galp and Nemba to India’s MRPL. A cargo of Dalia sold recently, likely by Exxon Mobil for
export on July 6-7. Last offered at dated brent plus $1.30, another cargo of Dalia set for export in the last part of July
was being offered for slightly higher.
Differentials for heavier oil from Angola and Congo remained strong as certain heavier oils were less abundant due to OPEC+ cuts, despite a slight waning in Chinese buying.