Angolan fuel oil flows steady as crude exports wane
Vortexa Market Research Team
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Opec-member Angola’s fuel oil exports were steady-to-higher in the past three months, compared with the prior period, Vortexa data shows, contrary to the recent decline in the country’s crude oil exports.
Angola’s Luanda port exported at least four fuel oil/feedstock shipments—likely straight-run atmospheric residue (SRAR)—to northwest Europe on long-range (LR1) sized vessels during December-February, while a set of smaller-sized exports remained in the nearby region over the same period.
Of the LR1 exports, the most recent departure left aboard the vesselChantaltowards the end of February. Like the previous three shipments, it is making its way to Immingham’s terminals in the UK, where it is due to arrive around mid-March.
Angola’s sole refinery, state-run oil company Sonangol’s 65,000 b/d in Luanda—reduced fuel oil supply to the US Gulf coast and increased exports last year to northwest Europe—namely Immingham, with the latter area receiving reduced fuel oil/feedstock supply from its local region compared with previous years.
Fuel oil stable, crude flows drop
Angola’s steady fuel oil shipments come as the country’s crude exports have been on a downward trend since December.
Vortexa data indicates that Angolan crude oil exports were around 1.4mn b/d in January-February, down from the firmer levels of the fourth quarter,when its exports to China had soared.
Angola directly reported its crude production to Opec as 1.59mn b/d for the fourth quarter of last year, below 1.67mn b/d in the third quarter.