W. Africa Crude-Bonny Light force majeure lifted, Angolan oil discounted

 LONDON, Oct 9 (Reuters) - Shell lifted a force majeure
imposed on exports of Bonny Light last month while prices for
Angolan cargoes continued to ease due to higher shipping costs. * Shell announced the force majeure on Sept. 13 after one of
two pipelines taking the key grade to the export terminal was
shut down and said it was lifted on Oct. 8. * The issue has inflicted export delays of between 2 and 5
days and caused the export calendar to be reshuffled around four
times, irking market participants. * China's Unipec and Angolan state oil company Sonangol have
sought to sell several cargoes of Angolan oil at reduced prices
compared with last week. * Sonangol sold a cargo of Gindungo reduced from last week's
prices, while Dalia was being offered at a premium of $2.20
compared to dated Brent. * Long-haul rates to Asia have risen sharply after U.S.
sanctions on ships belonging to subsidiaries of China's Cosco. * The issue has pushed up costs from West Africa, but
sellers have been especially reluctant to mark down prices for
heavy sweet grades as interest in low sulphur fuel oil remains
high in East Asia. TENDERS * India's IOC issued a new tender for west African crude
loading Nov. 24 to Dec. 3 closing later this week. RELATED NEWS * Sonangol is Angola's answer to Aramco in more ways than
one. After years of false starts, the Angolan state oil giant is
on track for an IPO. * OPEC has granted Nigeria a higher oil output target under
an OPEC-led deal to limit oil supply in a move unannounced by
the group, following efforts by Africa's largest exporter to
tweak the agreement to accommodate its expanding oil industry. * Nigeria's government may drive up inflation when it
increases a sales tax to partly finance its record 2020 budget
and implements a new minimum wage, the International Monetary
Fund (IMF) warned. (Reporting by Noah Browning in London; Editing by Kirsten
Donovan) ))

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to toolbar