Flurry of spot cargoes sell as new IMO rules loom

11/09/2019 | 03:06am

Angolan crude cargoes flew off the shelf this week as refiners mopped up heavy, sweet oil that produces high yields of fuel that will comply with new IMO rules on shipping from January.

* Relatively firm refining margins were helping to buoy the market for light, sweet Nigerian

* In the Mediterranean, light, sweet grades such as Saharan Blend and Azeri Light were also propped up. Azeri Light in particular has been selling at record highs despite the recent drop in freight rates

* Less than 10 Angolan cargoes remain from the December programme after a flurry of deals this week

* Total was said to have sold its cargoes of Girassol and CLOV. Earlier this week, the major had been offering CLOV at dated Brent plus $2.90, Mostarda at plus 90 cents, Girassol at plus $3.10 and Pazflor at plus $2.30

* Details on the buyers and final deal levels did not emerge

* Equinor was said to have sold a cargo of Pazflor as well

* Total sold a cargo of Nigerian Bonny Light to Equinor and a cargo of Olombendo


* Indian Oil Corp closed a buy tender for West African crude loading Jan. 1-10. Vitol was said to be the winner though grade details did not immediately emerge

* Turkey's Tupras bought a cargo of Bonny Light loading Dec. 10-11, delayed to 16-17, via tender from Vitol

(Reporting By Julia Payne; Editing by Kirsten Donovan and Jason Neely)

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