- Exxon was offering a cargo of Angolan CLOV at dated Brent plus $2.50, while offers for Dalia crude were at plus $2.30.
- India's IOC has purchased at least 10 million barrels of West African, mostly Nigerian.
LONDON: Offers for West African crude for export in January continued to be buoyed by robust demand from China and India, far exceeding sale prices for December cargoes.
Exxon was offering a cargo of Angolan CLOV at dated Brent plus $2.50, while offers for Dalia crude were at plus $2.30.
A relatively small Angolan export programme, coupled with a small export programme of competing crude from Brazil, were together helping to drive up demand for Angolan oil.
Offers for Nigerian Bonny Light and Qua Iboe were just under dated Brent plus a dollar, a vast increase from offers just two weeks ago at a discount to dated Brent.
India's IOC has purchased at least 10 million barrels of West African, mostly Nigerian, crude in its latest several tenders, balancing out weaker demand from Europe.
Two tenders from India's IOC, for West African crude loading Dec. 27 to Jan. 5 and another for Jan. 1-10 loading for a wide range of crude grades, closed on Wednesday. The identities of the winners did not immediately emerge.
China has accelerated imports of crude oil, propane and liquefied natural gas (LNG) from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington.
Brazil's state-controlled oil company Petroleo Brasileiro SA cut its five-year investment plan by 27% from a year ago to $55 billion to preserve cash, as the coronavirus pandemic drove down global oil demand and prices.