W. Africa Crude-IOC issues new tenders, teapots demand shrinking

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LONDON, June 2 – Demand from independent refineries in China has started to wane on weak margins, higher differentials and the near evaporation of contango.

* Around 15 cargoes of July loading Angolan were still available.
* BP sold a cargo of Angolan Girassol previously offered at dated Brent plus $3.30 but further details did not immediately
emerge.
* India’s IOC has two buy tenders running for west African crude.

One is for cargoes loading July 4-13 and the other for Aug. 1-10. Results for both are expected on Friday.

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* Energy trader Gunvor Group returned to profit in 2019 after its first net loss a year earlier, helped by record earnings in its U.S. division, and said business so far in 2020 remained strong.
* Angola has asked for G20 debt relief and is in advanced
talks with some countries importing its oil on adjusting financing facilities, but expects no further debt overhaul to be
needed beyond this, the finance ministry said on Tuesday.

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