LONDON: Oil prices edged lower on Friday, on track for their biggest weekly loss in six weeks, on doubts about OPEC's planned output cut and ahead of US rig count data that has steadily increased in the last few months.
Top global oil exporter Saudi Arabia is looking at new ways to sell crude to China, offering more cargoes at spot prices and more lenient payment terms after losing ground in the world's fastest-growing oil import market to Angola, Russia and others.
Unpaid debts at Venezuela's PDVSA are causing operational disruptions across one of its most essential regions, according to internal company documents, six sources with knowledge of its operations, and Thomson Reuters vessel-tracking data.
NIGERIA
Two cargoes of November-loading Qua Iboe traded late in the week, sold by BP and Total, for premiums close to 60 cents versus dated Brent, eating into the excess of close to 15 million barrels.
India's BPCL chartered the Delta Poseidon to carry Akpo crude to India for loading on Nov. 20.
The status of Forcados loadings was unclear. While the government said earlier this week that exports had resumed, force majeure remained in place and only one vessel, the Everbright, was confirmed to have loaded.
The suezmax Evridiki is scheduled to load at the Forcados terminal on Nov. 11, according to shipping fixtures.
ANGOLA
Angola's Sonangol sold its last December-loading cargo, a Kissanje that it was offering at 40 cents below dated Brent, to China's Unipec, sources said. The trade level could not be confirmed.
Total has sold a cargo of Girassol to Shell, while Chevron had sold a Cabinda to Unipec on spot.
Both cargoes were for December loading.
Around 28 of the 54 December-loading cargoes were still available for sale. Some said differentials would have to weaken to find buyers.
Comments
Comments are closed for this article.