W. Africa Crude-Angolan diffs continue to slide

LONDON, April 1 (Reuters) – Differentials for Angolan crude continued to fall, with sellers increasingly offering cargoes in the Platts window to market their barrels to as wide an audience as possible.

* Angolan oil has been depressed for the past month as big buyer China has ramped up purchases of Iranian barrels and is chugging through cheaper oil in storage. Europe is not mopping up the excess, owing to strict lockdowns to contain a third wave of COVID-19 infections.

* China’s Unipec offered a cargo of Hungo in the window down to dated minus $1.20, loading May 1-2.

* Unipec offered a cargo of Saturno down to dated Brent minus $1.70, loading May 4-5.

* State company Sonangol reduced its offer on a cargo of Saturno to dated Brent minus $1.50, loading May 18. The level is down 50 cents from the start of the week.

* Equinor and Exxon (NYSE:) offered Angolan crude earlier in the week in the Platts window but had little success.

* South Africa’s Sasol issued a buy tender, seeking crude for May 24-25 delivery, closing April 6.

* India’s IOC had a tender for West African crude loading May 27 to June 5 but results did not emerge immediately.

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