Angola to drop Kuito crude oil grade - traders

LONDON Tue Dec 17, 2013 11:43am EST

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LONDON Dec 17 (Reuters) - Angola will no longer export the Kuito grade of crude oil operated by Chevron, traders said on Tuesday, highlighting concerns about dwindling production at the OPEC-member country.

Falling production from the field has led to its being combined with the Nemba grade, traders said.

Chevron did not respond immediately to a request for comment.

The February loading programme posted no Kuito cargoes, and none was exported in January.

In 2009-2011, the grade produced up to three cargoes a month or 90,000 barrels per day.

Traders said the decision to mix Kuito, which according to state oil company Sonangol has an API of 22.0, with Nemba, which has an API of 39.7, has led to worries about the quality of the latter and prompted a sharp drop in differentials.

This follows the end of exports from Angola's Xicomba offshore field operated by Exxon, in 2011.

Angolan crude exports in February are set to be 1.68 million bpd, up from an almost three-year low for January loading, but well below peaks above 1.9 million bpd in 2009.

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Comments (1)
google_pass wrote:
Angola has proven oil reserves for the next 15 years. There’s so much oil in this world. Kasachstan will produce for 4$/b. What big story will you make of conflict in south sudan with its small production line. Guess something much bigger than the drop of the us reserves, because the storage tanks had to be cleaned or iran, that needs huge investements to repair the crippled country and certainly to fuel their tankships with 36million barrel already on board. Your fuckn oilprice manipulating articles start to piss me off. Is it because of us-fracking isn’t competitive same as 60 years ago?

Dec 20, 2013 3:46am EST  --  Report as abuse
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