July crude oil sales expected to dip

Initial reports show that crude oil exports from Angola for July will be lower than the cargoes sold in June. This means that 37 cargoes of crude oil could be sold in line with Angola’s OPEC+ production cuts.

OPEC+ has cut its oil exports sharply in the first half of May, companies that track the shipments said, suggesting a strong start in complying with a new production cut agreement

India’s International Oil Companies, IOC has re-issued a tender that closes on May 19 for West African crude, such as Nigeria’s Bonny light that would be loading between June 18-30.

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A recovery in fuel demand in India gathered momentum in the first half of May versus April as curbs on transport and industrial activity were partly lifted in areas that have contained the spread of coronavirus, data showed.            

Sellers of Nigeria’s crude oil are optimistic because of the recent easing lockdown order in many nations. This had increased the demand for fuel as global refining capacity of crude oil picks up pace.

Also, offers for Nigerian Egina have jumped to dated Brent plus $2.50 after lingering at dated Brent flat, but it remains unclear whether any buyers were found.

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