Angola to Cut Crude Exports in June to Lowest in Nine Months
Angola, Africa’s second-largest oil producer, will cut exports in June to 51 cargoes, one less than in a preliminary plan and the lowest in nine months, according to a final loading program obtained by Bloomberg News.
The country will ship 49 million barrels, or 1.63 million barrels a day, the plan showed. That compares with 56.7 million barrels, or 1.83 million barrels a day, in May and is the least since September, when daily exports were 1.63 million barrels, according to data compiled by Bloomberg.
June’s final program includes seven cargoes of Nemba grade, six each of Dalia, Girassol and Pazflor, five each of Cabinda and Plutonio, four each of Hungo and Kissanje, two each of Kuito, Mondo and Saturno and one each of Palanca and Saxi. The preliminary schedule released on April 16 had three lots of Saturno, rather than two. The shipments range from 920,000 to 1 million barrels.
“Angola’s June program shows significantly less exports of Dalia, Plutonio, Saturno and Saxi grades,” Ehsan Ul-Haq, a senior market consultant at KBC Energy in Walton-on-Thames, England, said today in an e-mailed response to questions. “The drop might be temporary as Saturno is a new grade and as a result the quality and volumes fluctuate.”
BP Plc (BP/) started production on its PSVM fields, an abbreviation for the Plutao, Saturno, Venus and Marte grades, in November. Crudes from the project are collectively named as Saturno and have been included in export programs since January, according to data compiled by Bloomberg.
Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.
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