Angola’s state oil company allocated cargoes for March, traders said, while the market faced downward pressure from high freight rates and other cheaper grades.
Angola’s state oil company Sonangol allocated 11 cargoes for March-loading to term buyers, a trade source said, while nearly all Angolan cargoes for February had been cleared.
Angola will export 35 crude oil cargoes in March, a trade source told Reuters earlier this month, citing a preliminary loading schedule, compared with 29 scheduled to load in February.
Higher freight rates and competition from the Middle Eastern market were weighing on the market, traders said.