Commodities
Angola’s Unsold December Oil Signals Weaker Demand From China
- A third of next month’s oil supply still searching for buyers
- Weaker China buying seen as the main factor in slower trade
An oil platform off the coast of Angola.
Photographer: Martin Bureau/AFP/Getty ImagesThis article is for subscribers only.
The selling pace of Angolan oil for December-loading is slower than usual, with about a third of the shipments still seeking buyers.
Eleven-to-twelve cargoes of Angolan crude for December are still for sale out of 35 scheduled lots, according to traders specializing in West African oil. That’s a slow selling pace because the next monthly cycle for January-loading shipments is due to start early next week, and typically only a handful of cargoes from the prior cycle would be left over.