Bloomberg News

Angola to Cut Crude Daily Exports to 13-Month Low in July

May 16, 2012

Angola, Africa’s second-largest oil producer, will cut its daily crude exports in July to the lowest in 13 months, according to a revised preliminary loading program obtained by Bloomberg News.

Exports will be 50 cargoes, totaling 47.89 million barrels, or 1.54 million barrels a day, the lowest since June 2011, the program showed. This compares with 52 cargoes amounting to 1.66 million barrels a day for next month.

Loadings of Nemba crude for July were revised down to seven cargoes from eight in the preliminary program released earlier today.

The July schedule doesn’t include any potential Palanca cargo, according to the program issued by Sonangol Holdings, Angola’s state-owned oil company. The country won’t export any Palanca crude in June, compared with one shipment of 985,000 barrels this month.

Loading programs are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

Details of the program are as follows. Cargo sizes are listed in multiples of 1,000 barrels.

----------------------------------------------------------------
Grade      Size       Number of cargoes
                        July*   June
Cabinda     950         6       6
Dalia       950         7       7
Gimboa      950         0       0
Girassol  1,000         3       3
Hungo     1,000         0       1
            950         5       4
Kissanje    950         5       4
Kuito       920         2       1
Mondo       950         1       2
Nemba       950         7       8
Palanca     985       N/A       0
Pazflor     950         6       7
Plutonio  1,000         6       6
Saxi        950         2       3
Total cargoes          50      52
---------------------------------------------------------------
*Note: Provisional

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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