W. Africa Crude-Indian refiners set to mop up some cargoes


LONDON, May 12 – Spot activity was limited on Tuesday but the rise of Indian refining runs will likely keep prices propped up after the dismal levels seen two weeks ago.

* India’s IOC issued a new buy tender for west African crude loading June 9-18. The tender closes on May 13.
* Around 10 cargoes of June-loading Angolan crude were still available, with the July programme due to emerge at the end of the week.
* Chevron was offering June-loading Nemba at dated Brent minus 70 cents.

* OPEC and its allies want to maintain existing oil cuts beyond June when the OPEC+ group is next due to meet to shore up prices and demand, which has been hit by the coronavirus pandemic, four OPEC+ sources said on Tuesday.

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