Angola to Raise Crude Exports

Angola to Raise Crude ExportsAngola to Raise Crude Exports

Angola will export around 1.80 million barrels per day of crude oil in December, up from 1.77 million bpd planned in November, a provisional loading schedule showed on Tuesday. Oil majors, including Exxon, Total and Chevron and state oil company Sonangol, will export the oil on 58 cargoes, up from the 55 cargoes that were set to move in November, the schedule showed, Reuters reported. Higher output, combined with strong supply from competing grades of crude oil, high storage and sluggish demand growth, has put pressure on differentials of Angolan crude oil. There was a handful of cargoes still available for November export, with oil from the country selling at a slower pace than in earlier months. The export program for Nigerian crude oil is expected to be known on Wednesday and Thursday. According to international transparency group Global Witness, Nigeria, Angola and Republic of Congo have lost about $4 billion in shady oil and mining deals.